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OVL may get to dig 2 more blocks in Venezuela
April 11, 2008: ONGC Videsh (OVL) may get two more oil blocks in the Orinoco oil basin in Venezuela. One of the blocks is located in Junin fields, which is stated to have about 50 billion barrels of recoverable oil reserve. The other block is Carabobo with estimated 42 billion barrels of recoverable oil reserves.
The breakthrough comes on the heels of OVL signing an agreement with Venezuela's national oil company PdVSA to pick up 40% stake in the San Cristobal oilfield.
Source: Economic Times