<div>State-run explorer Oil and Natural Gas Corp said its overseas arm has agreed to buy an additional 12 percent stake in a Brazilian oil block from Brazil's Petrobras for $529 million.<br /><br />Petrobras had earlier agreed to sell its 35 per cent stake in the block to China's Sinochem Group for $1.54 billion, but the deal was subject to pre-emption rights of ONGC and Royal Dutch Shell.<br /><br />Shell is the operator of the block with a 50 per cent stake, while ONGC already owns 15 per cent of the block.<br /><br />Shell and ONGC Videsh served a pre-emption notice on September 17 to jointly acquire the 35 per cent stake, ONGC said in a statement to Indian stock exchanges on Monday.<br /><br />Reuters last month reported that the companies were planning to exercise their pre-emption right on the stake.<br /><br />(Reuters)</div>
_20240706114748_original_image_25.webp)
