Indian pair eyes Orinoco belt fields

by on October 17, 2012 8:11 am GMT

Reliance Industries and Oil & Natural Gas Corporation
(ONGC) are both in discussions with PDVSA about exploring the fields in the
Orinoco heavy oil belt, Reuters reported on Wednesday, citing PDVSA director of
corporate planning, Fadi Kabboul.

Venezuelan Oil Minister Rafael
Ramirez said in late September that the country will partner with Reliance to
develop a block in the Orinoco belt. Ramirez also said that PDVSA had agreed to
increase the amount of oil it sends to Reliance to 300,000 barrel-per-day,
rising to 400,000 bpd, under a new 15-year contract.