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Press Information Bureau
Government of India
Ministry of Petroleum & Natural Gas
30-August-2012 15:46 IST
OVL doesn’t perceives no threat of nationalisation of its equity oil assets in Venezuela: R.P.N Singh
LOK SABHA

 

                The Minister of State for Petroleum and Natural Gas Shri R.P.N. Singh informed the Lok Sabha in a written reply today that ONGC Videsh Ltd. (OVL) does not perceive any threat of nationalization/expropriation of its equity oil assets in Venezuela.  Replying to anther query, The Minister also denial facing similar threat to Indian equity oil assets in Sakhalin-I in Siberia (Russia).

 

                He provided details of the amount invested by ONGC Videsh Limited (OVL)] Indian Oil Corporation Limited (IOC) and Oil India Limited (OIL) in the Carabobo-I project in the Faja oil belt of Venezuela as given below:

 

       I.            OVL has invested Rs. 596.29 crore up to 31st March, 2012 in the Carabobo-I project.

    II.            IOCL has invested an amount of US$ 37.74 million in the project.

 III.            OIL has made an investment of US$ 37.74 million in Project Carabobo.

 

Further, details of the overseas projects in Venezuela in which OVL and other oil majors have invested during the last five years, are given below:

 

Sl. No.

Company

Assets

Status

1

OVL

1.      Sancristobal (40% PI*)

2.      Carabobo-1 (11%PI*)

Producing block

Under Development

2

OIL

Carabobo-1 (3.5 % PI*)

Under Development

3

IOCL

Carabobo-1 (3.5 % PI*)

Under Development

*Participation Interest

 

 

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