 In October 2018, Videocon's creditors publicly invited potential farm-in candidates to consider some of the company's exploration and production assets including the SEAL-M-349, SEAL-M-426, SEAL-M-497, SEAL-M-569 blocks in the offshore Sergipe Alagoas Basin. Petrobras owns a 60% share in the block while IBV Brazil owns 40%. IBV is a 50-50 joint venture between Videocon and BPCL which gives Videocon a net 20% interest in the block. While the oil has been discovered in the basin for a few years now, development has been slow due to Petrobras debt problems, the Operation Carwash bribery scandal and the company's debt problems as they focus on pre-salt development in the Campos and Santos basin deepwater. Petrobras has invested about US$ 3.5 billion on exploration in the basin and expects to complete a development plan for the areas by 2020 but has no date for the first production of oil. In 2017 Videocon was declared a non-performing asset by public sector lender Dena Bank in India causing the company to lose lost 71% in market cap with a debt much higher than its revenues, capitalization and net profit. On 13 January 2016, Petrobras announced a decision to remove eight blocks in the offshore Sergipe Alagoas Basin from its divestment package. The individual blocks involved were are all in the deepwater and included the BM-SEAL-11 Contract Petrobras 60%, IBV Brasil 40% (SEAL-M-349, SEAL-M-426, SEAL-M-497, SEAL-M-569 blocks. The SEAL-M-349 and SEAL-M-426 blocks have had potentially productive wells drilled with oil or gas shows. Companies were said to interested in the blocks and data rooms were about to be opened for them. Some of the blocks are already under Discovery Evaluation Plans (PAD). The deepwater discoveries in the Sergipe-Alagoas basin are estimated to hold a volume of 1 Bboe but with no local oil and gas infrastructure, they will need significant investment to be developed. 
In October 2018, Videocon's creditors publicly invited potential farm-in candidates to consider some of the company's exploration and production assets including the SEAL-M-349, SEAL-M-426, SEAL-M-497, SEAL-M-569 blocks in the offshore Sergipe Alagoas Basin. Petrobras owns a 60% share in the block while IBV Brazil owns 40%. IBV is a 50-50 joint venture between Videocon and BPCL which gives Videocon a net 20% interest in the block. 