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Friday, 21 November, 2008, 15:40 GMT | more >>

ONGC bids for higher Venezuela stake



By Upstream staff 

India's Oil & Natural Gas Corporation (ONGC) is seeking a 49% stake in Venezuela's San Cristobal oil block, where it has been offered a 30% holding.

"We are seeking (Indian) government intervention to raise our stake to 49%," said an ONGC official, who could not be named.

Another ONGC official said the company was looking for the maximum permissible stake under Venezuelan law.

"There is a case to increase our stake to 49%. Their law permits foreign firms to hold up to a 49% stake. We have talked at the official level, but the issue is in the domain of Venezuela's petroleum ministry."


Friday, 09 March, 2007, 11:03 GMT  | last updated: Friday, 09 March, 2007, 12:20 GMT

HIgher stake sought: by ONGC in Venezuela
 

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