ONGC, IOC, Reliance to bid together for Venezuela fields

Officials in ONGC Videsh Ltd, the overseas arm of ONGC, confirmed talks with Reliance, IOC and Oil India to jointly bid for a 40 per cent stake in these oil fields.

ONGC, Reliance Industries and Indian Oil Corp are stitching together an alliance to bid for developing three massive oilfields in Venezuela at a cost of $16-18 billion.

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Officials in ONGC Videsh Ltd, the overseas arm of ONGC, confirmed talks with Reliance, IOC and Oil India to jointly bid for a 40 per cent stake in these oil fields.

IOC may take 2.5 to 5 per cent stake while OIL has been assigned 2.5 per cent stake. The remaining 32.5-35 per cent will be split almost equally amongst OVL and Reliance.

"The investment required is massive. Each of the three fields on offer can produce 200,000 to 400,000 barrels per day of oil (10-20 million tonnes a year),” he said.