India OKs Carabobo Spend

摘要

The Indian cabinet Friday approved initial investment of $2.181 billion in Venezuela's Carabobo 1 field by state explorer Oil and Natural Gas Corp. (ONGC) and its partners. ONGC Videsh (OVL), ONGC's overseas investment arm, state explorer Oil India (OIL) and refiner Indian Oil Corp. (IOC) were awarded the field last month alongside Spain's Repsol YPF and Malaysia's state Petronas after agreeing to pay a signature bonus of $1.05 billion and lend a similar amount to Petroleos de Venezuela (PDV). It was one of the two heavy oil fields awarded in Venezuela's Carabobo bid round (IOD Feb.12,p1). Repsol, OVL and Petronas each has an 11% stake in the Carabobo consortium, IOC and OIL 3.5% each and PDV 60%. OVL will hand over $1.333 billion initially, and OIL and IOC $454 million each.