New Delhi: OVL, the foreign arm of Oil and Natural Gas Corp (ONGC), announced that it has signed a MoU with Venezuelan state oil firm PdVSA for cooperation in oil-rich Faja area of the Latin American nation.
According a company statement, The MoU was signed by OVL Managing Director D K Sarraf and PdVSA Director of New Development Ruben Figuera in Caracas.
“The MoU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela,” it said. “The MOU will facilitate OVL and PDVSA to explore available opportunities through joint collaboration and hence, enhance OVL’s interest in Venezuela, “the statement added.
OVL currently has stakes in two producing projects in Venezuela — Petro-Carabobo and Petro-Indovenezolana with investments of about $341 million.
EPC World News Bureau
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