India-based Reliance Industries Limited (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA) have signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt in Venezuela.
As per the study agreement, both the parties will jointly evaluate the development plan for Ayacucho 8.
RIL and PdVSA have also extended the term of the Memorandum of Understanding (MOU) signed between the parties last year by one year for continued cooperation.
The signing of the Joint Study Agreement for Ayacucho Block 8 and the extension of MOU marks further strengthening of the long standing relationship between RIL and PdVSA as well as between India and Venezuela.
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