Last Updated :
24 December 2009 at 12:15 IST
ONGC replaces RI to bid for Venezuela oil blocks
NEW DELHI (Commodity Online) : India’s state run ONGC has replaced private sector giant Reliance Industries (RI) with Repsol YPF SA, Spain's biggest oil company, and Malaysia's Petronas to bid for Venezuelan oil blocks next month.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation is likely to bid for the massive Carabobo project in Venezuela's Orinoco heavy oil belt with Repsol, Petronas, Indian Oil Corp (IOC) and Oil India Ltd.
Venezuela is offering a maximum 40 per cent stake in the development of oil fields in the Orinoco Belt and the rest would be held by Venezuela's state oil company, Petroleos de Venezuela SA, or PdVSA.
Sources said Repsol and Petronas will hold 25 per cent interest while OVL would hold 10.1 per cent. IOC and OIL would have 2.45 per cent apiece.
MCX Light Sweet Crude Oil 19 June 2012
contract was trading at
Rs 5241 , up Rs. 233 . What's your view on it?
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