Market Chatter: ONGC Videsh Team Visits Venezuela to Review Oil Assets After US Approval

MT Newswires Live

Sep 02

ONGC Videsh, the international investment arm of India's Oil & Natural Gas (NSE:ONGC, BOM:500312), has sent a team of nearly a dozen officials to Venezuela to inspect its oil assets and meet government energy officials, Bloomberg reported Wednesday, citing people familiar with the matter.

The seven-day visit, which started on Tuesday, is the company's first such trip to Venezuela in years and follows U.S. approval in July allowing ONGC Videsh to resume oil and gas activities in the country, the report noted. The company reportedly holds a 40% interest in the San Cristobal field and an 11% stake in the Carabobo-1 block.

OVL is negotiating framework agreements with Venezuela and is seeking to become operator of the two projects, Bloomberg said.

ONGC did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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The company reportedly holds a 40% interest in the San Cristobal field and an 11% stake in the Carabobo-1 block.</p><p>OVL is negotiating framework agreements with Venezuela and is seeking to become operator of the two projects, Bloomberg said.</p><p>ONGC did not immediately respond to MT Newswires' request for comment.</p><p>(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. 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The company reportedly holds a 40% interest in the San Cristobal field and an 11% stake in the Carabobo-1 block.OVL is negotiating framework agreements with Venezuela and is seeking to become operator of the two projects, Bloomberg said.ONGC did not immediately respond to MT Newswires' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}