The Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA), has signed agreements with two major Indian energy companies, Reliance and OVL, for work in Venezuela’s Orinoco heavy oil belt.
Reliance Industries Limited (RIL) and PDVSA signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt. As per the study agreement, both the parties will jointly evaluate the development plan for Ayacucho 8.
RIL and PdVSA have also extended the term of the MOU signed between the parties last year by one year for continued cooperation.
ONGC Videsh Limited (OVL), a 100% subsidiary of Oil and Natural Gas Corporation Limited, and PDVSA signed a memorandum of understanding (MOU) encompassing strategic cooperation and participation in the exploration and production of hydrocarbon resources. The MOU will facilitate OVL’s and PDVSA’s exploring available opportunities through joint collaboration, OVL said.
OVL currently has stakes in two producing projects in Venezuela; Petro-Carabobo and Petro-Indovenezolana with investments of about US$341 million.