SME Times News Bureau | 06 May, 2010
India Wednesday told Venezuela that Indian companies would be increasing production from oil fields in the Latin American country that could be sent for further processing in upcoming refining projects in India.
Petroleum Minister Murli Deora met the visiting Venezuelan Vice Minister for Foreign Affairs Temir Porras Poncelon in New Delhi and conveyed the decision, officials said.
Indian state oil companies ONGC Videsh, Indian Oil Corp and Oil India Ltd have recently been awarded 40 percent participating interest to develop two oil blocks by the Venezuelan government.
OVL also holds 40 percent participating interest in another oil field that was awarded in April 2008. The overseas arm of India's flagship oil explorer is also carrying out reserve assessment of Junin Norte in the Orinoco belt of Venezuela.
Deora at the meeting said that Indian companies will help to "ramp up production" in Venezuelan oil fields, which could be utilized by the upcoming refinery projects in India for "long term cooperation" between the two countries in this sector.
