Reliance Industries and Oil & Natural Gas Corporation(ONGC) are both in discussions with PDVSA about exploring the fields in theOrinoco heavy oil belt, Reuters reported on Wednesday, citing PDVSA director ofcorporate planning, Fadi Kabboul.
Venezuelan Oil Minister RafaelRamirez said in late September that the country will partner with Reliance todevelop a block in the Orinoco belt. Ramirez also said that PDVSA had agreed toincrease the amount of oil it sends to Reliance to 300,000 barrel-per-day,rising to 400,000 bpd, under a new 15-year contract.
