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New Delhi (ANTARA News/Asia Pulse) - Oil and Natural Gas Corp (ONGC) (BSE:500312) and partners Indian Oil Corp (IOC) (BSE:530965) and Oil India Ltd (OIL) (BSE:533106) have won a bid to develop a major crude oil block in Venezuela, its first major overseas success since Imperial Energy Plc acquisition in 2008.

The Indian firms will develop the Carabobo-1 block in Venezuela's Orinoco Belt with Spain's Repsol YPF SA and Malaysia's Petroliam Nasional Bdh, ONGC said in a statement.

An official said the group will pay US$1.05 billion to Venezuela as signing amount and will initially invest another US$9 billion in developing the block that can produce 400,000 barrels of heavy oil per day (20 million tonnes per annum).


Source:
Business in Asia Today - Feb.12, 2010
published by Asia Pulse

Editor: Ricka
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