Venezuela offers OVL a share in 5 oil fields

Venezuela has offered Oil Videsh Limited (OVL) a share in five oil fields for exploration and production. This is for the first time that Ve...

Venezuela has offered Oil Videsh Limited (OVL) a share in five oil fields for exploration and production. This is for the first time that Venezuela has offered oil concessions to a foreign company, outside the international tendering procedure.

OVL, a subsidiary of ONGC, was likely to sign an agreement with Venezuelan state oil firm PDVSA for joint investment in oil and gas projects, sources said. An ONGC team is likely to visit the country next month.

‘‘They have been offered two exploration blocks and three development blocks. An OVL team will visit Venezuela by the month-end to evaluate the data before deciding on investments,’’ a source added.

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From this year, Venezuela has emerged as India’s newest oil supplier. Between the Athabasca sands and Venezuelan Orinoco basin, there is more recoverable oil (with current technology) than all of the West Asia.

The petroleum sector has emerged as a focus area of cooperation between India and Venezuela in recent years. A joint working group was set up in 1999 which identified a number of areas for collaboration, sources said.

Adani group chief Gautam Adani. The regulator made it clear that none of the charges in the show-cause notice could be proved. It also confirmed there was no violation of the Sebi Act concerning fraudulent or unfair trade practices.

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