Indian oil PSUs in JV for Venezuela's $20-billion Carabobo-1 project
13 May 2010
A consortium of Indian oil PSUs led by ONGC Videsh Limited (OVL), Spanish oil major Repsol and Malaysia's Petronas will collectively develop the $20-billion Carabobo-1 project in Venezuela.
The Indian entities will together hold 18 per cent ownership interest in the project with ONGC Videsh Limited holding 11 per cent and Indian Oil Corporation Limited and Oil India Limited holding 3.5 per cent stake each.
Repsol YPF and Petroliam Nasional Berhad will hold 11 per cent stake each in the mixed company PetroCarabobo SA.
Together, the consortium will hold 40 per cent interest in the `empresa mixta' (mixed company), which will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco heavy oil belt.
Corporación Venezolana del Petróleo (CVP), a subsidiary of Petróleos de Venezuela SA (PDVSA), Venezuela's state oil company, will hold the remaining 60 per cent equity interest in the project.
Venezuelan President Hugo Chavez Frias presided over the signing ceremony of the joint venture agreement with the Corporación Venezolana del Petróleo SA (CVP) for the development and production from Carabobo-1 project in Orinoco Region of Venezuela.
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