India Approves ONGC Proposed Venezuela, Qatar Ventures
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.
We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at email@example.com .
Operates 42 Offshore Rigs
Manages 8 Offshore Rigs
- ONGC Is Said to Plan $4.8 Billion Indian Oil, GAIL Stake Sale (Feb 07)
- India's ONGC Raises $2.38B From Banks To Buy Refinery Stake (Jan 23)
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
Company: ONGC Videsh more info
- India's ONGC Videsh to Spend Over $3 Billion on Iran Gas Block (Apr 04)
- India Clears ONGC's Extra 11% Stake Buy in Russia's Vankor Fields (Oct 05)
- ONGC Videsh Inks Deal with Rosneft to Up Stake in Russia's Vankorneft (Sep 15)