Reliance Industries Ltd (RIL) has opted out of the grand alliance with ONGC and Indian Oil Corporation (IOC) for jointly bidding a $16-18 billion (approx Rs 76,800-86,400 crore) oilfield in Venezuela.

According to sources, Venezuela is delaying the bidding for the project and which could be one of the reasons for RIL to exit.

ONGC Videsh Ltd (OVL), RIL, IOC and Oil India had in April 2009 come together to consider jointly bidding for a 40 per cent stake in a field in the vast Orinoco heavy crude oil belt.

OVL is eager to get at least one of the three massive fields in the Carabobo region of the Orinoco belt that Venezuela may put on offer. Venezuelan state-run Petroleos de Venezuela SA will retain the remaining 60 per cent.

Venezuela has carved out seven heavy oil Carabobo blocks in the Orinoco belt. Venezuela Government says the area contains 272 billion barrels of recoverable reserves. About 10 to 20 per cent of these reserves can be recovered.

Also See:

RIL, OVL keen on oilfields in Venezuela (09-Apr-09)