ONGC Videsh Limited (OVL) and Petroleos De Venezuela S.A. (PDVSA) signed in Caracas, Venezuela on April 8, 2008 (India time late night yesterday) a Joint Venture agreement for the San Cristobal Field in Junin, Orinoco Region of Venezuela.
This JV agreement was concluded at an impressive ceremony in the presence of Mr. Murli Deora, Minister of Petroleum & Natural Gas of India and Mr. Rafael Ramirez Carreno, Minister of Energy and Petroleum of Venezuela.
OVL is a 100% subsidiary of India's leading national oil company ONGC. Under this joint venture, OVL will have a participating interest of 40%, while PDVSA retains the remaining 60% in the San Cristobal Field in Junin, Orinoco Region of Venezuela.
They will jointly develop the field from its current production level of 20,000 bbl per day to 40,000 bbl per day. Government of India has recently approved OVL's participation in the project with an investment of US$ 356 million.
Speaking on the occasion Mr. Deora described the event as a historic milestone in growing cooperation between India and Venezuela in the hydrocarbon sector. He expressed hope that this JV will pave way for more such mutually beneficial projects between the two countries.
Today's signing fructifies the consistent efforts on part of India's Ministry of Petroleum & Natural Gas to take forward relations between India and Venezuela.
It may be mentioned that during the visit of President Hugo Chavez to NewDelhi in March 5, 2005, an Agreement for Cooperation in the hydrocarbon sector was signed between India and Venezuela.
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