Brazilian, Indian oil companies sign cooperation agreement

Sep 12, 2006, 18:01 GMT

Brasilia - Brazil's state oil company Petrobras signed an agreement on Tuesday with the Indian Oil and Natural Gas Corporation Ltd (ONGC), the Brazilian firm said.

The deal, signed during Indian Prime Minister Manmohan Singh's visit to Brazil, provides for cooperation in several areas, including production of oil and natural gas in deep water, Brazil, India and other countries, Petrobras said in a statement.

The agreement was signed by the chairman of the Brazilian company, Jose Sergio Gabrielli, and his ONGC counterpart, Radhey Shyam Sharma. It will be valid for two years and can be extended for a similar period of time.

The deal seeks to pool the Brazilian company's expertise in oil and natural gas production in deep water with ONGC's campaign to expand its deep water operations in India and abroad, Petrobras said.

During his visit to Brazil, Singh was expected to meet with President Luiz Inacio Lula da Silva on Tuesday. On Wednesday, both leaders are set to join South African President Thabo Mbeki for an India-Brazil-South Africa summit.

Singh and Mbeki are then expected to travel to Cuba for the Non- Aligned Movement summit on Friday and Saturday.