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Videocon oil stake

Mumbai, Sept. 7: Videocon Industries and a wholly owned subsidiary of state-owned Bharat Petroleum Corporation Ltd have each acquired a 12.5 per cent participating interest in an offshore oil block in Indonesia.

The Venugopal Dhoot-owned company will have to fork out $11.13 million for the stake.

Videocon, the Rs 10,134-crore consumer electronics giant, which already has some oil assets, told stock exchanges today that Videocon Indonesia Nunukan Inc, a wholly owned subsidiary, had executed a farmout agreement with Anadarko Indonesia Nunu-kan Company, a subsidiary of Anadarko Petroleum.

A farmout agreement is a contractual pact wherein an owner of a block assigns all or part of that interest to other entities in return for fulfilling specified conditions.

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