Spanish:
 
|
India's OVL alloted 30% in JV with PDVSA
Financial Express
NEW DELHI
Petroleumworld.com 04 25 06Venezuelan national oil firm, Petroleos de Venezuela (PDVSA) has decided to allot a 30% stake to ONGC Videsh Limited (OVL) in the proposed joint venture company for development of the San Cristobal oil field in Venezuela.
However, in the recent MoU signed between ONGC and PDVSA, ONGC was assured of a 49% participating interest. The oil field is expected to produce 100,000 barrels of oil per day.
ONGC has sought petroleum minister, Murli Deora’s intervention in the matter as the MoU between the two firms was executed under the overall ambit of the Hydrocarbon Agreement signed between the ministry of energy, Venezuela and Indian petroleum ministry during the visit of Hugo Chavez, President of Bolivarian Republic of Venezuela to India in March this year.
Venezuela, the world’s fifth-largest oil exporter, is currently seeking to diversify its markets as a means to reduce its dependence on the United States, which currently buys over 60% of Venezuelan oil. Venezuela has recently deepened cooperation and signed a number of agreements in the petroleum sector with Russia, China, Brazil and Argentina.
The oil (from San Cristobal), where ONGC will get a stake, will come to India, Mr Chavez had told a news conference after holding wide ranging discussions with Prime Minister Manmohan Singh in March.
He said, Venezuela wantsÿa long-term agreement to supply crude oil to India. “Venezuela wants to bring secure, continuous and long-term supplies of oil to India in the same manner as we have been doing to US for a century.” Venezuela, which sells 60% or 1.5 to 1.6 million barrels per day of its crude to US, is South America’s only member of the Organisation of the Petroleum Exporting Countries (Opec).
Financial Express 04 25 06Copyright ©2006 Financial Express. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels