This excerpt taken from the PBR 6-K filed Jun 5, 2007.
President Luiz Inácio Lula da Silva and the Prime Minister of India, Manmohan Singh, attended the event. Petrobras International Area (ANI) Director, Nestor Cerveró, and its Exploration & Production (E&P) Director, Guilherme Estrella, in addition to executive managers Francisco Nepomuceno (Exploration & Production), and Samir Passos Awad (International Area for America, Africa and Eurasia) were also present.
The agreement also foresees cooperation in several oil industry activities, especially offshore exploration & production in India, Brazil, and in other countries.
ONGC produces some 600,000 barrels of oil per day and 70 million cubic meters of gas per day and has sought to diversify its operations by investing in other countries. It recently purchased 15% participation in the Ostra, Abalone, Argonauta and Nautilus fields, in the Campos Basin, which are operated by Shell and in which Petrobras has 35% participation.