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Tuesday, 02 December, 2008, 00:40 GMT | more >>

India gives ONGC Venezuelan nod



By Upstream staff 

India's Cabinet has given the nod for state-owned Oil & Natural Gas Corporation (ONGC) to buy a 40% stake in the San Cristobal oilfield in Venezuela for $356 million.

The amount includes a signing bonus of $174 million and expected capital expenditure of $182 million in the field, in the Orinoco oil belt, a government statement said.

Venezuelan national oil company PDVSA will hold the remaining 60% through a subsidiary.

ONGC will buy the stake through its overseas investment arm ONGC Videsh (OVL), which will form a joint venture company with CVP, a subsidiary of PDVSA, to develop the oilfield.

It will be OVL's first asset in Venezuela.

The Cabinet also allowed OVL to invest $102.21 million for appraisal, development and a production sharing agreement at the Najwat Najem oilfield, off Qatar, a Reuters report said.

OVL is the operator with 100% ownership of the block.


Tuesday, 04 March, 2008, 03:29 GMT  | last updated: Tuesday, 04 March, 2008, 08:50 GMT

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