India's ONGC expects to soon sign agreements with Venezuela to operate two oil blocks
Anupam Agarwal, CFO of Indian energy company ONGC, highlighted that they now have the freedom to work on Venezuela's oil projects.
India's largest state-owned oil exploration and production company, Oil and Natural Gas Corp (ONGC), expects to soon sign agreements with Venezuela in order to operate two oil blocks under the new Hydrocarbons Law, recently approved by the Venezuelan Parliament.
According to Reuters, ONGC has a 40% stake in the San Cristóbal field, as well as an 18% interest, together with other Indian companies, in the Carabobo-1 project.
ONGC's CFO, Anupam Agarwal, said during a telephone conference with analysts after the company's second-quarter results presentation that “we now have full freedom to work on Venezuela projects.”
“Previously, we were limiting our operations there due to the risk related to sanctions,” he added, while noting that the Caribbean nation offered additional incentives under its new hydrocarbons regulations.
The Indian businessman said they believe “very soon we will see some positive developments, the signing of the new agreements, and the fact that we will take over the operation of some of those projects that are currently managed by PDVSA.”
#petróleo #PDVSA #venezuela #India #market $CL $BZ $NATGAS
Anupam Agarwal, CFO of Indian energy company ONGC, highlighted that they now have the freedom to work on Venezuela's oil projects.
India's largest state-owned oil exploration and production company, Oil and Natural Gas Corp (ONGC), expects to soon sign agreements with Venezuela in order to operate two oil blocks under the new Hydrocarbons Law, recently approved by the Venezuelan Parliament.
According to Reuters, ONGC has a 40% stake in the San Cristóbal field, as well as an 18% interest, together with other Indian companies, in the Carabobo-1 project.
ONGC's CFO, Anupam Agarwal, said during a telephone conference with analysts after the company's second-quarter results presentation that “we now have full freedom to work on Venezuela projects.”
“Previously, we were limiting our operations there due to the risk related to sanctions,” he added, while noting that the Caribbean nation offered additional incentives under its new hydrocarbons regulations.
The Indian businessman said they believe “very soon we will see some positive developments, the signing of the new agreements, and the fact that we will take over the operation of some of those projects that are currently managed by PDVSA.”
#petróleo #PDVSA #venezuela #India #market $CL $BZ $NATGAS