Based on recommendations made by India’s Empowered Committee of Secretaries (EFS), the Indian government nodded approval for state-run Oil & Natural Gas Corp. Ltd. to invest in ventures in Venezuela and Qatar.
In Venezuela, ONGC Videsh Ltd. will form a joint venture with Petroleos De Venesuela S.A. The JV would develop the San Cristobal field in Venezuela’s heavy oil Orinoco belt. ONGC received approval for an investment of up to $365 million with 40% equity in the venture, Dow Jones reported.
ONGC Videsh also received approval for an appraisal, development, and production sharing agreement in Qatar’s Najwat Najem project. ONGC Videsh will invest up to $102.21 million with 100% ownership in this project.
According to AndhraNews.net, ONGC Videsh may not seek monetary help from the government in either of these ventures.
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