This excerpt taken from the PBR 6-K filed Jun 5, 2007.
Petrobras has participated in bids held by the Indian oil regulator since 2005, but it hadnt struck any deals until now. During its negotiations with the Indian national oil company, Petrobras identified areas of common interest between the companies, not only as far as exploratory portfolios are concerned, but also in technological aspects. ONGC is well positioned in a few Asian regions, such as Myanmar, Vietnam and Iran.
From the technological standpoint, the Indian company is interested in having Petrobras as a partner for its renowned excellence in deep and ultra-deep water exploration and production. Since negotiations were kicked off, Petrobras sent two missions to India to study the opportunities ONGC offered. The Indian company, meanwhile, sent a team to Brazil last April to analyze Petrobras offers.