OVL Signs MoU with INTEVEP in Venezuela

ONGC Videsh Limited (OVL) signed a Memorandum of Understanding (MoU) with INTEVEP, S.A., a subsidiary of National Oil Company of Venezuela, PDVSA for Skill Development in various aspects of exploration and production on September 11, 2006.

Senior Executive Vice President of OVL, Mr. S. Roychaudhury visited INTEVEP facilities at Caracas, Venezuela and signed the Technological Cooperation Agreement with INTEVEP President, Mr. Hercilio Jose Rivas Siervo.

Venezuela holds large reserves of heavy and very heavy crude. The country is looking for partners to exploit it. The program to start offshore operations from next year has already been chalked out.

Recently, a team of officials from PDVSA visited the ONGC institutes (KDMIPE, GEOPIC, IDT and ONGC Academy) at Dehradun. Earlier, another team had visited IRS, Ahmedabad and the heavy crude production facilities in Balol and Santhal fields in Western region.

PDVSA has found the research activities in the E&P areas convincing and has expressed desire to train its executives in different areas of hydrocarbon industry.

The related areas under MOU include: technical assistance and specialized services, joint research and development, organization of conferences, symposiums and seminars, training activities, oil and gas exploration and production, refining, gas industrialization and petrochemical, process engineering, clean fuels, automation and computing, (information technology) and intellectual property rights.

Currently, ONGC is working together with PDVSA in quantification and certification project of Junin Norte. ONGC Academy will be the nodal agency for executing MOU activities.