ONGC Videsh inks deal with Petro Amazonas Ecuador - Indian Express

Huma Siddiqui : New Delhi, Wed Apr 24 2013, 15:08 hrs In a step to expand its presence in the LatAm region, ONGC Videsh, the overseas arm of ONGC, has signed an agreement with Petro Amazonas Ecuador to take up exploration activities in the country. Speaking to FE from Quito, Ecudor, Riewad Warjri, ambassador of India to Colombia, concurrently accredited to Costa Rica and Ecuador said, "a team is expected to visit Ecuador shortly for block exploration already identified." "The discussion for the oil exploration and operation deal has been going on for a while as the government of Ecuador is seeking more investments from the Indian companies in various sectors, including defence, pharmaceuticals, petrochemicals, food processing, oil refineries and IT," the Indian envoy added. OVL which is witnessing a constant decline in oil and gas production for the last three consecutive years due to geo-political conflicts in Sudan and Syria is making efforts to expand its presence in the LatAm region. "Our production levels are declining due to disputes in Sudan and Syrian fields. Now the production from Sudan has resumed. This year also the output may not go up significantly but with Carabobo and Myanmar coming into production we will be able to meet our perspective targets," DK Sarraf, managing director, OVL, told FE. "We plan to achieve 20mt production by 2017-18," he added. In January this year, ONGC Videsh's multi-billion dollar Carabobo oilfield in Venezuela started crude oil production as part of its efforts to address an energy shortage threatening India's economic growth. While initially only a small quantity is being produced, the project aims to produce 30,000 barrels per day of crude oil in the first development phase and 90,000 barrels in the second phase. Ultimately, the project will produce 400,000 bpd (20 MT a year) of crude oil. The project is operated by Petro carabobo, a JV set up in Venezuela in June 2010 in which OVL, the overseas arm of state-owned Oil and Natural Gas Corp, has 11% stake. Oil India Ltd and Indian Oil Corp have 3.5% stake each. ... contd. ALSO READ Private life insurers join hands to fight phony investment fraud Samsung Galaxy S4 review More reforms initiatives in next 2 to 4 months: Chidambaram Google buys Wavii for $30 million, mirroring Yahoo's deal Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEZ0i7Xn8m9yp4B6c3YfJQXSSgtaw&url=http://www.indianexpress.com/news/ongc-videsh-inks-deal-with-petro-amazonas-ecuador/1107018/

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