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HindustanTimes Thu,17 Apr 2014

RIL may rejoin ONGC for Venezuela project

HT Correspondent, Hindustan Times  Cancun, April 01, 2010
First Published: 21:36 IST(1/4/2010) | Last Updated: 21:38 IST(1/4/2010)

Reliance Industries Ltd (RIL), which had walked out of its arrangement with ONGC to submit a joint bid for the multi-billion Venezuelan Carabobo field, is likely to be roped in again in the project. The petroleum ministry wants RIL to join the project, which has been won by the consortium of Oil and Natural Gas Corporation, (along with Indian Oil Corporation and Oil India Ltd), Spain’s Repsol YPF and Malaysia’s Petronas.

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ONGC Videsh Ltd and RIL had teamed up in 2008 to bid for the Venezuela field auction,  but RIL walked out last year, sighting delays in the bid round.

OVL subsequently roped in Spain’s Repsol YPF and Malaysia’s Petronas to win Carabobo-1 heavy oilfield. OVL, Repsol and Petronas hold 11 per cent each in the project, while IOC and OIL have 3.5 per cent each. The remaining 60 per cent is held by Venezuela’s state Petroleos de Venezuela (PdV).

But since the project involves big investments, oil ministry officials said getting RIL back would bring in stability.

When contacted by HT from Cancun, an RIL’s spokesperson said “no comments” on the development.

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