PdVSA in talks With Reliance Industries and ONGC on investments

10/17/2012

PdVSA in talks With Reliance Industries and ONGC on investments

BY SAURABH CHATURVEDI

NEW DELHI -- Venezuela's state run oil monopoly PdVSA is in talks with Reliance Industries and ONGC to invest in the South American country's oil sector.

Fadi Kabboul, Executive Director corporate planning of the oil producer said at an energy conference that the talks with the Indian companies are for investments in the Ayacucho and Boyaca oil fields.

He added Venezuela was seeking investments from other global companies and expected $236 billion of investment in its oil sector between 2013 and 2018. PdVSA recently signed a 15 year crude supply contract with Reliance Industries that aims to send as much as 400,000 bopd to India over the long term.

The Venezuelan company targets to produce 3.13 mbopd of crude in 2012 and increase it to 6.26 mbopd in 2019, Mr. Kabboul said. It expects a gas output of 7.56 billion cubic feet in 2012, which it aims to raise to 11.95 bcf by 2019, he said.

He expects oil exports to Asia to be 1.2 mbopd in 2012 and rising to 2.8 mbopd in 2018.

Dow Jones Newswires

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