FRIDAY, MARCH 04, 2005
Venezuela offers oilfield to India
TIMES NEWS NETWORK
NEW DELHI: Venezuela has offered the San Cristobal oilfield to state-owned ONGC, marking India's foray into the Latin American hydrocarbon sector.
The offer came at a meeting between visiting Venezuelan president Hugo Chavez and oil minister Mani Shankar Aiyar on Friday. "The Venezuelan president said the block can be made available to us. We want the joint cooperation agreement to sign tomorrow," Aiyar said.
The San Christobal is estimated to yield 100,000 barrels a day of crude and ONGC Videsh is likely to get 49 per cent stake. Venezuela also indicated Indian companies will be allowed to bid for offshore Block 5 and two other gas blocks.
Copyright © 2005 Times Internet Limited.