Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / ONGC to invest $500 million in Venezuelan JV
  • Business

    ONGC to invest $500 million in Venezuelan JV

    Achin Garg
    Written by
    Achin Garg
    Mail
    Last updated on Feb 24, 2016, 12:45 pm
    ONGC to invest $500 million in Venezuelan JV
    Credits:
  • OVL (ONGC Videsh Limited), the overseas wing of state-run Oil and Natural Gas Corporation, is likely to arrive at an agreement with Venezuela's Petróleos de Venezuela, SA (PDVSA) to invest around $500 million in their San Cristobal Joint Venture.

    The investment would be used to increase production at San Cristobal oilfield.

    OVL and CVP share the San Cristobal oil field in a 40:60 ratio.

  • In this article
    ONGC: A profile ONGC Videsh Limited PDVSA: A profile The ONGC-PDVSA partnership ONGC to invest $500 million in Venezuelan JV Investment to revive production India emerging as a major market for Venezuelan crude
  • About

    ONGC: A profile

    ONGC: A profile
    Credits:
  • Oil and Natural Gas Corporation (ONGC) is a public sector undertaking of the Government of India which deals with oil and gas.

    Headquartered in Dehradun, Uttarakhand, the company was established in 1956.

    ONGC, which had discovered 6 of the 7 producing basins of India, accounts for 70% of India's oil and 50% of India's gas production.

    It produces 1.27million barrels of oil equivalent daily.

  • Personal

    ONGC Videsh Limited

  • ONGC Videsh Limited is a subsidiary of ONGC which is responsible for prospecting oil and gas outside India to meet India's energy needs. OVL has stakes in 33 oil and gas projects in 16 countries.

  • PDVSA

    PDVSA: A profile

    PDVSA: A profile
    Credits:
  • Venezuela is a South American country which has the largest oil reserves in the world.

    PDVSA (Petróleos de Venezuela, S.A.) is a Venezuelan government-owned oil and natural gas company involved in exploration, production, refining and exporting of oil.

    PDVSA's subsidiary- Corporación Venezolana de Petróleo (CVP)- owns 60% stake in the San Cristobal oil fields joint venture with ONGC Videsh Limited.

  • Information

    The ONGC-PDVSA partnership

  • ONGC Videsh Limited's partnership with PDVSA began when OVL had invested $190 million in 2008 in the San Cristobal joint venture project for a 40% stake.

  • 24 Feb 2016

    ONGC to invest $500 million in Venezuelan JV

    ONGC to invest $500 million in Venezuelan JV
    Credits:
  • OVL (ONGC Videsh Limited), the overseas wing of state-run Oil and Natural Gas Corporation, is likely to arrive at an agreement with Venezuela's Petróleos de Venezuela, SA (PDVSA) to invest around $500 million in their San Cristobal Joint Venture.

    The investment would be used to increase production at San Cristobal oilfield.

    OVL and CVP share the San Cristobal oil field in a 40:60 ratio.

  • 24 Feb 2016

    Investment to revive production

    Investment to revive production
  • Investing in the San Cristobal oil field will help increase oil production in the field which has fallen from 38,000 barrels a day to 28,000 barrels a day.

    It will also help revive the oil-dominated Venezuelan economy which is reeling under an economic crisis due to falling crude prices.

    For India, it will help reduce crude oil dependence on conflict-ridden gulf countries.

  • Information

    India emerging as a major market for Venezuelan crude

  • According to Bloomberg, India has already surpassed the US and China to become the largest destination for Venezuelan crude oil exports.

Latest News
  • Prince Harry's James Corden interview caused ''disquiet' at Buckingham Palace?
    Prince Harry's James Corden interview caused ''disquiet' at Buckingham Palace?
    Entertainment
  • Samsung Galaxy M31s becomes cheaper; now starts at Rs. 18,500
    Samsung Galaxy M31s becomes cheaper; now starts at Rs. 18,500
    Science
  • 'Baahubali' writer roped in for 'Sita - The Incarnation'
    'Baahubali' writer roped in for 'Sita - The Incarnation'
    Entertainment
  • BS6 Kawasaki Ninja 300's colors and engine details revealed
    BS6 Kawasaki Ninja 300's colors and engine details revealed
    Auto
  • La Liga, Sevilla 0-2 Barcelona: Records broken
    La Liga, Sevilla 0-2 Barcelona: Records broken
    Sports
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani Gross Domestic Product
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman Football News
BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips Farmers Protest Mohammed Bin Salman
Mercedes Europa League Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers Neha Kakkar
Premier League Big Bang Theory X-Men TATA
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021