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ONGC OVL to invest $ 450 mn in Venezuela
November 7, 2007
ONGC OVL Limited will be investing around $450 million in Venezuela where the company has picked up a 40 per cent stake in an oil gas block. The block in San Cristabel has a reserve of around 250-million tones.
The Union Petroleum Minister Murli Deora has said that he would be going to Venezuela to sign an agreement to this effect with PDBSA, which holds the remaining 60 per cent of the block. Production is expected to start by 2011.
Production is expected to start in about three years time, the Minister said.
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