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OVL not to exercise pre-emption rights in Venezuela oil project

Last Updated: Wednesday, October 16, 2013, 11:43

A consortium of ONGC Videsh, Indian Oil and Oil India has decided against buying 11 percent stake that their partner Petronas of Malaysia is selling in a USD 20 billion oil project in Venezuela.

Reliance Industries to take up oil block in Venezuela

Last Updated: Thursday, October 10, 2013, 20:43

Years after dropping out of an ONGC-led consortium for developing a giant oilfield in Venezuela, Reliance Industries is close to taking an oil block in the Latin American nation that can produce as much as 10 million tons of oil per annum.

OVL mulls raising stake in $20 bn Venezuela oil project

Last Updated: Tuesday, September 24, 2013, 15:18

OVL, which has 11 percent stake in the project that will produce 400,000 barrels per day of oil (20 million tonnes) in four years, is looking at buying a similar stake that Malaysia's Petronas has decided to give up in the project.

RIL eyes oil blocks in Venezuela

Last Updated: Tuesday, September 03, 2013, 15:45

Reliance Industries is evaluating investing multi-billion dollars in 2-3 oil blocks offered by Venezuela as it looks at countries from Myanmar to Canada to expand its overseas energy assets.

Palestinians to buy fuel from Venezuela

Last Updated: Monday, August 26, 2013, 09:16

The agreement was signed in Caracas Saturday, Xinhua reported citing Palestinian Foreign Affairs Minister Riad Al-Maliki.

Iran to build oil reservoirs, refineries in Venezuela

Last Updated: Tuesday, November 13, 2012, 10:58

According to Fars News Agency, Iran has inked agreements with the Latin American country to invest USD 200 million for building four reservoirs to store oil products. In addition, Iran will design and construct some small refineries in Venezuela.

Refinery blast kills 24 in Venezuela, dozens hurt

Last Updated: Saturday, August 25, 2012, 16:17

Amuay oil refinery, with an initial capacity of processing some 650,000 barrels of oil per day, is Venezuela`s largest oil refinery.

Venezuela boosts oil sales to China

Last Updated: Tuesday, August 14, 2012, 11:56

Venezuela produces around 3 million bpd and exports more than two-thirds of its output, mainly to the US and China, the minister said.

Venezuela will continue oil exports to US: Chavez

Last Updated: Tuesday, September 01, 2009, 10:14

Venezuelan President Hugo Chavez said that Caracas will continue exporting oil to the United States because it is in the interest of his country.