ONGC Videsh (OVL), the overseas arm of ONGC, is likely to bid for the massive
project in Venezuela's Orinoco heavy oil belt in partnership with Spain's Repsol
YPF SA, Malaysia's Petronas, Indian Oil Corporation (IOC) and Oil India in
January 2010.
Venezuela has carved out seven heavy oil Carabobo blocks in the Orinoco belt
that contain 272 billion barrels of oil. The country is offering a maximum of 40
per cent stake in the development of oilfields in the Orinoco Belt and the rest
is to be held by Venezuela's state oil company, Petroleos de Venezuela SA.
As per sources, Repsol and Petronas are likely to hold 25 per cent interest,
while OVL will hold 10.1 per cent. IOC and OIL are to have 2.45 per cent stake
apiece.
Venezuela is likely to announce winners of the three blocks on 28 January
2010 — the same day it opens bids.
Also See:
RIL
exits from consortium for bidding for Venezuelan fields (17-Aug-09)