Reliance, PdVSA to Study Development Plan for Ayacucho Block 8
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 14 Offshore Rigs
Manages 26 Offshore Rigs
- Citgo Petroleum Slows Aruba Refinery Revamp Due To US Sanctions (Feb 21)
- Catalytic Cracker At PDVSA's Curacao Refinery Halted After Fire (Feb 16)
- Algeria Sends More Oil To Cuba As Venezuelan Supplies Fall (Jan 10)
Company: Reliance Industries more info
- India's Reliance Declares 30pct Higher Refinery Capacity at Export Plant (Jan 17)
- OPEC's Output Curbs Squeeze World's Biggest Oil Refining Complex (Oct 16)
- India's Reliance Industries 2Q Profit Up 7%, Lags Estimates (Oct 13)