India OKs extra investment by ONGC in Brazil asset

NEW DELHI, Nov 12 (Reuters) - India's cabinet on Thursday approved additional investment of $70 million by the overseas arm of state-run Oil and Natural Gas Corp (ONGC.BO) in its offshore block in Brazil, the government said in a statement.

This would increase ONGC Videsh's investment in the block to $383 million, it said, adding the firm has also been authorised to further invest $17.5 million if needed after an approval from a secretaries' panel.

ONGC Videsh owns 15 percent stake in the block BC-10 in Campos basin.

ONGC expects crude oil output at its Brazilian field to increase sharply to 40,000 barrels per day by the end of the year, R.S. Butola, ONGC Videsh's managing director, had said in September. [ID:nBOM523370] (Reporting by Rajkumar Ray)