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India, Venezuela Oil Exploration

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Venezuela and India are collaborating to explore and produce oil and natural gas in eastern Venezuela.

Oil and Natural Gas Corp. (ONGC) India's top petroleum exploration company is investing $450 million in Petrolera IndoVenezolana for a 40% stake.

The venture is expected to yield almost 10 million barrels of every year over the next 25 year once production starts in three years.
Venezuela plans to ship 150,000 barrels of heavy crude a day to India as it seeks to reduce its dependency on the U.S. market for its oil supply.

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Business | Magazine | May 2008

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