The field is drawing major interest after recent discoveries.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.
Videocon Industries on Tuesday said a well drilled to confirm an oil discovery in its Brazilian offshore block has struck 200 feet of high-quality hydrocarbon zone.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.