ONGC Videsh Ltd signs MoU with Venezuela state giant
11 Oct 2013 1:33 AM GMT
OVL Managing Director and ONGC Chairman & MD-Designate D K Sarraf personally led the historic initiative by signing the MoU with PDVSA Director (New Development) Ruben Figuera in the Venezualan capital Caracas.
The landmark event occurred at the conclusion ceremony of the 1st Indo-Venezuela Hydrocarbon Business Round-Table in Caracas which had started on 7 October.
The MoU covers strategic cooperation and participation in the exploration and production (E&P) of hydrocarbon resources in the oil-rich Faja area of Venezuela. It will facilitate ONGC Videsh Ltd and PDVSA in the exploration of available opportunities through joint collaboration.
Speaking on the occasion, ONGC Group Chairman Sudhir Vasudeva said, 'This MoU underlines the spirit of collaboration and mutual respect between the two exploration and production giants of India and Venezuela.'
'Venezuela has the world’s highest reserves and we have a huge market. We intend to use this opportunity to further our interests in this oil-rich country,' he emphasised.
ONGC Videsh Ltd currently has stakes in two producing projects in Venezuela — Petro-Carabobo and Petro-Indovenezolana — with investments of about $341 million.
The landmark event occurred at the conclusion ceremony of the 1st Indo-Venezuela Hydrocarbon Business Round-Table in Caracas which had started on 7 October.
The MoU covers strategic cooperation and participation in the exploration and production (E&P) of hydrocarbon resources in the oil-rich Faja area of Venezuela. It will facilitate ONGC Videsh Ltd and PDVSA in the exploration of available opportunities through joint collaboration.
Speaking on the occasion, ONGC Group Chairman Sudhir Vasudeva said, 'This MoU underlines the spirit of collaboration and mutual respect between the two exploration and production giants of India and Venezuela.'
'Venezuela has the world’s highest reserves and we have a huge market. We intend to use this opportunity to further our interests in this oil-rich country,' he emphasised.
ONGC Videsh Ltd currently has stakes in two producing projects in Venezuela — Petro-Carabobo and Petro-Indovenezolana — with investments of about $341 million.
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