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After Reliance Industries, ONGC is also looking at the possibility of strengthening its oil exploration business in Venezuela.
The hydrocarbon-rich South American country has invited Indian oil majors Reliance Industries and ONGC to participate in its new development plan for the Orinoco belt, said Fadi Kabboul, Executive Director, Corporate Planning of PDVSA, Venezuela's state-oil company.
The prospects lie in three offshore exploration areas - Boyaca, Jumin and Ayacucho. The Indian companies will take a call on this after analysing the data regarding the blocks, a process which is underway, Kabboul said.
Reliance Industries had already signed in September a memorandum of understanding with PDVSA to develop a block in Venezuela's Orinoco belt. Also, ONGC has a stake in Venezuela’s Carabobo block as part of a consortium of Indian oil companies including Indian Oil and Oil India.
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