Oil and Natural Gas Corporation (ONGC) said that its overseas arm — ONGC Videsh Limited (OGL) has entered into the development stage of its offshore Brazilian gas project BM-SEAL-4.

ONGC Videsh and its partner Petrobras had made a gas discovery in 2019 in the deep offshore block in the Sergipe Alagoas Basin. Following detailed evaluation, the ONGC subsidiary had submitted the declaration of commerciality (DoC) for the BM-SEAL-4 block.

Petrobras is the operator of the offshore block with a 75% stake, while ONGC Videsh holds the remaining 25% stake.

The Brazilian national oil company plans to install a shared floating production storage and offloading (FPSO) and a gas pipeline to develop the BM-SEAL-4 project. The name suggested for the discovered gas field in the block is Budião, as suggested to the Brazilian regulator.

According to ONGC, the development module is currently in the contract planning stage and is anticipated to commence production after 2026.

Petrobras and ONGC Videsh plan to continue all operational works for submitting the development plan for the Budião gas field to the regulator and meet the target for the first oil.

  BM-SEAL-4, Brazil, Budião gas field, Oil and gas industry news, Oil and gas news, ONGC, ONGC Videsh, Petrobras, Sergipe Alagoas Basin