Oil and Natural Gas Corporation’s (ONGC) - 100% subsidiary - ONGC Videsh (OVL) has inked a memorandum of understanding (MoU) with Venezuelan state giant PDVSA (Petróleos de Venezuela S.A.), on October 09, 2013 in Caracas. The MoU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela.
Besides, the MoU will also facilitate OVL and PDVSA to explore available opportunities through joint collaboration and hence, enhance OVL's interest in Venezuela. The MoU was signed on the conclusion ceremony of 1st Indo-Venezuela Hydrocarbon Business Roundtable in Caracas held during October 7 to 9, 2013.
OVL currently has stakes in two producing projects in Venezuela, Petro-Carabobo and Petro-Indovenezolana with investments of about $341 million.
