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Indian oil leader producer ONGC will invest $19 billion in Venezuelan mega oil project

A group led by India’s Oil and Natural Gas Corp (ONGC) has bagged 40 per cent stake in a $ 19 billion-project to develop a major crude oil block in Venezuela.

 

A group led by India’s Oil and Natural Gas Corp (ONGC) has bagged 40 per cent stake in a $ 19 billion-project to develop a major crude oil block in Venezuela. ONGC Videsh Ltd, Indian Oil Corp and Oil India Ltd along with Spain’s Repsol YPF SA and Malaysia’s Petroliam Nasional Bdh won rights to develop the Carabobo-1 block in Venezuela’s Orinoco Belt, the company said in a statement here.

 

An official said the group will pay $1.05 billion to Venezuela as the signing amount and initially invest another $9 billion in developing the block that can produce 400,000 barrels of oil per day (20 million tonnes per annum). Total spending on the block over 25 years would be $19 billion.

 

Besides, it would also extend $1.05 billion credit to Venezuela’s state oil company Petroleos de Venezuela SA (PdVSA), which would has 60 per cent interest in the project.

Source : India Journal