Indian oil firm joins Brazil project

India’s state-run explorer Oil and Natural Gas Corp said its overseas arm yesterday agreed to buy an additional 12 per cent stake in a Brazilian oil block from Brazil's Petrobras for $529m (£330m). Petrobras had earlier agreed to sell its 35 per cent stake in the block to China's Sinochem Group for $1.54bn, but the deal was subject to pre-emption rights of ONGC and Royal Dutch Shell.