RIL-ONGC team eyes venezuela exploration | business | Hindustan Times
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RIL-ONGC team eyes venezuela exploration

business Updated: Oct 17, 2012 22:08 IST
HT Correspondent

Top Indian oil and gas companies including private sector major, Reliance Industries Ltd, and state-owned ONGC are in talks with Venezuela's national oil company, Petroleos de Venezuela (PDVSA) to jointly work in the hydrocarbon-rich South American nation.

"Venezuela's state oil company is in talks with both RIL and ONGC for exploration of Ayacucho and Boyaca fields," executive director, PDVSA, Fadi Kabboul said at the Petrotech 2012 meet here on Wednesday.

Kabboul added that the company would raise exports to Asia to 2.8 million barrels per day (bpd) by 2018 as against 1.2 million bpd in 2012.

PDVSA, Kabboul said, is likely to produce 3.13 million bpd in 2012 against 2.98 million bpd in the previous year.