India trumps China for Brazil offshore block

India has trumped China in acquiring a stake in a deep offshore block in Brazil, with state-owned ONGC Videsh Ltd (OVL) jointly acquiring Brazil’s Petróleo Brasileiro SA’s (Petrobras) 35% stake in the BC-10 block in the Campos Basin for around $1.54 billion (around Rs.9,440 crore) along with Royal Dutch Shell Plc.

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