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OVL signs JV with Venezuelan company
April 10, 2008: ONGC Videsh Ltd (OVL) has signed a joint venture agreement with Petroleos de Venezuela S.A. (PDVSA) to take 40 per cent participating interest in the San Cristobal oilfield in Venezuela. And the Venezuelan company will retain remaining 60 per cent in the oilfield in Junin, Orinoco Region of Venezuela.
The two companies will jointly develop the field from its current production level of 20,000 bbl per day to 40,000 bbl per day. OVL's participation in the project with an estimated investment of $356 million including the signature bonus of $174 million and capex of $182 million was recently approved by the Union Cabinet. This joint venture will also explore the potential of discovering more hydrocarbons in the unexplored area of the project.
Source: Hindu Business Line