HIgher stake sought: by ONGC in Venezuela
ONGC bids for higher Venezuela stake
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."