ONGC OVL will be investing around $450 million in Venezuela where the company has picked up a 40% stake in an oil gas block, Union Petroleum Minister Murli Deora said.
The block in San Cristabel has a reserve of around 250-million tonnes, he told reporters here today.
Deora said he would be going to Venezuela tomorrow to sign an agreement to this effect with PDBSA, which holds the remaining 60% in the block.
Production is expected to start in about three years time, the Minister said.
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