An Empowered Committee of Secretaries (ECS) headed by Petroleum Secretary, Mr M.S. Srinivasan, is understood to have recommended allowing ONGC Videsh Ltd (OVL) to acquire stake in Venuzuela's San Cristobal oil-field.
The recommendation of the ECS will now be taken to the Cabinet Committee on Economic Affairs. OVL, the overseas investment arm of ONGC, was looking at acquiring 40 per cent stake in the Venezuelan oil field. The initial proposal was to acquire 30 per cent stake, which was increased to 40 per cent. Indications are that the ECS has proposed something between 30-40 percent.
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