India’s oil major ONGC to invest 450 million dollars in Venezuela

by Dave

via Earth Times
India’s Oil and Natural Gas Corporation (ONGC) will be investing about 450 million dollars in Venezuela where it has picked up a 40-per-cent stake in an oil field, India’s Petroleum Minister Murli Deora said on Saturday. The state-run company acquired the stake in the San Cristobal oil field in the Orinoco basin which has a reserve of about 250 million tons, Deora told reporters in India’s western city of Mumbai.