Repsol-ONGC consortium secures big oilfield in Venezuela

11 Feb 2010

1

Caracas, Venezuela: India's energy giant, the Oil & Natural Gas Corp (ONGC) has won a joint bid to develop a crude oil block in Venezuela's Orinoco Belt as part of a consortium with Spain's Repsol and Malaysia's Petronas. Indian Oil Corp and Oil India Ltd, are other minor stakeholders in the block.

Orinoco Belt - Image: Conoco Phillips
ONGC will develop the Carabobo block 1 with Spain's Repsol YPF SA, Malaysia's Petroliam Nasional Bhd., Indian Oil Corp. and Oil India Ltd., Venezuelan oil minister Rafael Ramirez said in Caracas today when he announced the winning bids at a ceremony in the presidential palace.

Carabobo block 1 is a vast area that holds an estimated 235 billion barrels of reserves of heavy and ultra-heavy oil.

The consortium offered state-owned Petroleos de Venezuela (PDVSA) a 1.05-billion-dollar loan and a bond of the same amount.

Chevron was awarded Carabobo block 3, with Japan's Impex and Mistubishi alongside Venezuelan firm Suelopetrol, Ramirez said. The Chevron consortium offered PDVSA a billion-dollar loan, and will pay a bond of 500 million dollars.

Block 2 was not awarded and could be on offer "during another procedure," Ramirez said.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers