India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years of limiting its activities because of U.S. sanctions.
Petróleos de Venezuela (PDVSA) and Spain’s Repsol have signed an agreement to increase oil and gas production in Venezuela, including new exploration opportunities around Lake Maracaibo, Reuters reported on Tuesday.
Venezuela’s state oil company PDVSA and the country’s Ministry of Hydrocarbons have signed a memorandum of understanding with the African Energy Chamber (AEC) aimed at strengthening cooperation and investment across the oil and gas value chain.