India State Oil Cos. Invest $3B In Venezuelan Projects

Law360, New York (July 11, 2012, 6:41 PM EDT) -- ONGC Videsh Ltd., an affiliate of Indian state-owned Oil & Natural Gas Corp., is leading a consortium of state-run companies to invest $3 billion in two crude oil exploration projects in Venezuela in an effort to remedy its energy crisis back home, the Indian government said Wednesday.

The ONGC Videsh consortium plans to invest an additional $500 million in the San Cristobal oil field, where it has already put in $350 million, and $2.2 billion in the Carabobo-1 heavy oil project, according to a statement released...
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