Oil & Natural Gas Corp.'s (500312.BY) overseas investment arm said Monday it has signed a pact to acquire an additional 12% stake in a Brazilian oil field from Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras for $529.03 million.

ONGC Videsh Ltd., the overseas investment arm of India 's flagship oil and gas explorer, currently owns a 15% stake in the Brazilian oil field. The additional investment will bring its stake to 27%.

Brazilian state energy heavyweight Petrobras in August approved the sale of $2.1 billion of assets as it ramped up a continuing divestment plan. As part of that, it said it would sell its 35% stake in Parque das Conchas to Sinochem for $1.54 billion. ONGC pre-empted the proposed deal between Petrobras and Sinochem to increase its stake.

India imports about 75% of its energy needs and has been pushing hard to build up a diversified portfolio of foreign assets to minimize its dependence on the Middle East . The country recently signed two multibillion-dollar deals to buy into offshore natural-gas assets in Mozambique .

ONGC Videsh also said it was awarded two onshore oil and gas blocks in Myanmar .
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