Home » Orinoco Heavy Oil belt

Tag: Orinoco Heavy Oil belt

Post
OVL seeks oil in lieu of $537 million due from Venezuela

OVL seeks oil in lieu of $537 million due from Venezuela

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is seeking $537 million worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and had invested about $190 million in the project in 2008.