Calgary-based EnCana Corp. (Toronto, NYSE: ECA) plans to sell all of its remaining interests in its Brazilian subsidiary, EnCana Brasil Petroleo Ltda., to two companies based in Mumbai, India, Videocon Industries Ltd. and Bharat PetroResources Ltd. (a wholly owned subsidiary of Bharat Petroleum Corp. Ltd.), for cash proceeds of approximately US$165 million. Under the agreement, the two Indian companies will purchase all of the shares of EnCana Brasil Petroleo. Assets include 10 offshore exploration blocks, including Espirito Santo, Sergipe-Alagoas, Potiguar and Campos Basin concessions.
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