Oil and Natural Gas Corp (ONGC) in partnership with other government firms plans to invest $3 billion (R16,500 crore) to explore oil and gas in Venezuela, said Jyotiraditya Scindia, minister of state for commerce and industry, on Wednesday.
Scindia, who is on an official visit to South American countries, discussed the investment proposals during his meeting with Venezuelan commerce minister Edmee Betancourt.
ONGC Videsh Ltd (OVL), which has already invested $350 million, intends to invest an additional $500 million in the San Cristobel oil field in the South American country. In addition to this, OVL along with other state-run oil and gas firms like Indian Oil Corporation and Oil India proposes to invest $2.2 billion in the Carobobo project, taking the total proposed investment to over $3 billion.
While state-run GAIL plans to explore opportunities in the natural gas value chain in the Latin American country, BPCL is keen to explore opportunities to export base oil to Venezuela, an official statement said.