India’s OVL joins hands with Petronas, Repsol for Venezuela oil fields

by Dave

Business Standard

Oil and Natural Gas Corporation (ONGC) has replaced Reliance Industries Ltd (RIL) with Repsol YPF SA, Spain’s biggest oil company, and Malaysia’s Petronas to bid for Venezuelan oil blocks next month.

ONGC Videsh Ltd (OVL), the overseas investment arm of state-run explorer, is likely to bid for the massive Carabobo project in Venezuela’s Orinoco heavy oil belt with Repsol, Petronas, Indian Oil Corporation (IOC) and Oil India Ltd, sources in know said.

The Latin American nation is offering a maximum of 40 per cent stake in the development of oilfields in the Orinoco Belt and the rest would be held by Venezuela’ state oil company, Petroleos de Venezuela SA, or PdVSA.

Sources said Repsol and Petronas will hold 25 per cent interest, while OVL would hold 10.1 per cent. IOC and OIL would have 2.45 per cent apiece.

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