ONGC OVL to invest $450 mn in Venezuela | business | Hindustan Times
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ONGC OVL to invest $450 mn in Venezuela

ONGC OVL Limited will be investing around USD 450 million in Venezuela where the company has picked up a 40 per cent stake in an oil gas block, Union Petroleum Minister Murli Deora said.

business Updated: Apr 05, 2008 18:05 IST

ONGC OVL Limited will be investing around USD 450 million in Venezuela where the company has picked up a 40 per cent stake in an oil gas block, Union Petroleum Minister Murli Deora said.

The block in San Cristabel has a reserve of around 250-million tonnes, he told reporters here today.

Deora said he would be going to Venezuela tomorrow to sign an agreement to this effect with PDBSA, which holds the remaining 60 per cent in the block.

Production is expected to start in about three years time, the Minister said.