ongcpetronas-consortium-wins-venezuelan-oil-project

ONGC/Petronas consortium wins Venezuelan oil project

Three Indian oil companies, Malaysia's Petronas and Spain's Repsol are awarded the mandate to partner with the Venezuelan state oil company on a multi-billion dollar oil project in Venezuela.

India's Oil Natural Gas Corporation ONGC, Malaysia's Petroliam Nasional Petronas and Spanish firm Repsol are part of a consortium which has emerged the winner to develop a multi-billion dollar integrated oil project in Venezuela.

The consortium holds a 40% interest in a discovered oil resource in the Orinoco Heavy Oil Belt in Venezuela, an area that is estimated by industry experts to have recoverable heavy oil of up to 513 billion barrels.

ONGC, which holds an 11% stake in the project, is joined by two other Indian oil firms -- Indian Oil and Oil India with 3.5% each. Repsol and Petronas own 11% each, while the remaining 60% is held by Corporacion...

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