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Petroleum
Deora visit: ONGC venture to be inked
Mr Murli Deora
Our Bureau
New Delhi, March 5 Minister of Petroleum and Natural Gas Mr Murli Deora is visiting Venezuela on March 7-8, 2008. During his visit, a joint venture agreement between the national oil company of Venezuela, PDVSA and ONGC is scheduled to be signed on March 8 at Caracas.
The Government had on Monday approved a proposal to authorise ONGC Videsh Ltd, the overseas investment arm of ONGC, for formation of a joint venture company with CVP/Petroleos De Venezuela S.A. (PDVSA), Venezuela, for development of San Cristobal field located in Orinoco oil belt, directly or through OVL’s existing or new wholly-owned subsidiary.
The project will provide OVL an opportunity to obtain significant equity ownership (40 per cent) in one of the largest oil producing countries in partnership with the national oil company of Venezuela.
Hydrocarbon cooperation
According to an official statement, the proposed agreement comes in the wake of a hydrocarbon cooperation agreement signed between the Government of India and the Government of Venezuela on March 5, 2005. The Petroleum Ministry has been making efforts to promote collaboration between the national oil companies of India and other countries including Venezuela to obtain participation in exploration production assets abroad.
Mr Deora is accompanied by Mr M. S. Srinivasan, Secretary Petroleum & Natural Gas, Mr R. S. Sharma, CMD, ONGC and Mr R. S. Butola, MD, OVL.
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