Cabinet approves ONGC Videsh investments in Venezuela, Qatar

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New Delhi, Mar 3 : The Union Cabinet today gave its approval to ONGC Videsh Limited (OVL)'S investments in Venezuela and Qatar.

The Cabinet gave its nod to the following proposals on the basis of the recommendations made by Empowered Committee of Secretaries (EFS):

i) San Cristobal Project, Venezuela :

To authorize OVL for formation of a Joint Venture Company with CVP/Petroleos De Venezuela S.A. (PDVSA), Venezuela for development of San Cristobal field located in Orinoco Oil belt, directly or through OVL's existing and new wholly owned subsidiary.

ii) Najwat Najem Appraisal, Development and Production Sharing Agreement (NNADPSA) Qatar Project : To authorize OVL to invest upto USD 102.21 million in the project directly through its own resources.

iii) To authorize ONGC to provide funding and guarantee support to OVL, if required in both the projects above without seeking budgetary support from the Government of India.

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