ONGC expects to acquire operatorship rights in Venezuelan oil projects in 3-6 months’ time
The Hindu · Saptaparno Ghosh ·
State-owned Oil and Natural Gas Company (ONGC)’s overseas operations arm is in advanced talks to acquire operatorship of crude oil projects in Venezuela’s San Cristobal and Carabobo projects and expects to finalise the arrangement in the next three to six months, Anupam Agarwal, Director (Finance) told analysts in a post-results call Friday.
State-owned Oil and Natural Gas Company (ONGC)’s overseas operations arm is in advanced talks to acquire operatorship of crude oil projects in Venezuela’s San Cristobal and Carabobo projects and expects to finalise the arrangement in the next three to six months, Anupam Agarwal, Director (Finance) told analysts in a post-results call Friday.
ONGC Videsh, the state-owned explorer’s foreign operations arm, holds 40% interest in the San Cristobal project with the remainder belonging to the Latin American country’s national oil company Petroleos de Venezuela S.A. (PDVSA).
It holds an 11% stake in the Carabobo project.
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