PSU oil giants join big deal in Venezuela

Leading Indian oil and gas companies –ONGC, Indian Oil (IOC) and Oil India Ltd (OIL) have become part of the prestigious $20-billion oil project in Venezuela — the Carabobo-1 oil project — estimated to produce 40,000 barrels of oil per day by 2016.

Leading Indian oil and gas companies –ONGC, Indian Oil (IOC) and Oil India Ltd (OIL) have become part of the prestigious $20-billion oil project in Venezuela — the Carabobo-1 oil project — estimated to produce 40,000 barrels of oil per day by 2016.

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A joint venture agreement for the oil project was signed on Thursday between the consortium of Indian oil companies and Venezuela’s state oil company, PDVSA along with two other partners of the project from Spain and Malaysia. The deal was signed in the presence of Petroleum Minister Murli Deora and the Venezuela President Hugo Chavez Frias.