India-based Oil and Natural Gas (ONGC) Videsh has announced plans to exit the the Poco-Verde area in the Sergipe-Alagoas offshore basin in Brazil.

Brazil’s Petroleo Brasileiro Recently discovered a new light oil deposit in a deepwater well at the Poco-Verde area in the BM-SEAL-4 exploration block located off the coast of the northern state of Sergipe, Reuters reported.

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However, within the exploration block, the Indian company is continuing to hold its 25% stake in Moita Bonita Pad.

"ONGC said in a filing to BSE that the process for notification of the partial withdrawal to the regulator is currently in progress."

In September 2014, ONGC Videsh had assigned its stake in Poco Verde area to Petrobras after completion of a techno-economic evaluation.

ONGC said in a filing to BSE that the process for notification of the partial withdrawal to the regulator is currently in progress.

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In 2007, the company bought a 25% stake in the block in which Petrobras holds the remaining 75% interest.

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ONGC is a public sector undertaking of the Government of India, operating under the Ministry of Petroleum and Natural Gas.

Claimed to be the country’s largest oil and gas exploration and production companies it produces around 69% of India’s crude oil and around 62% of its natural gas.

ONGC Videsh, the international subsidiary of ONGC currently operates projects in 15 countries.