/ ONGC Videsh And PDVSA Sign Agreement For Payment Of Dividend And Financing Of San Cristobal Project ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 11 November 2016

ONGC Videsh  Limited  (ONGC Videsh)  and Petroleos De Venezuela S.A. (PDVSA) through their relevant subsidiaries signed two definitive agreements for facilitating redevelopment of the San Cristobal joint venture project in Venezuela on 4th November 2016.  The agreements were signed by ONGC Videsh CEO Narendra K Verma and the Hon'ble Minister of Petroleum of Venezuela and President PDVSA, Eulogio Del Pino, in the august presence of Hon'ble President of Venezuela, Nicolas Maduro.

San Cristobal project is located in the Zuata Subdivision of proliferous Hugo Chavez Fria Orinoco Heavy Oil belt, in the Junin Norte Block in eastern Venezuela. The joint venture was incorporated in April 2008 consequent to a Memorandum of Understanding (MOU) signed in March 2005 at New Delhi to jointly develop Oil and Gas Exploration and Production Projects in Venezuela. ONGC Videsh has an equity interest of 40% in the Project with PDVSA holding the balance 60%.

The agreements provide for mechanism to liquidate ONGC Videsh's outstanding dividends from the Project while at the same time, ONGC Videsh needs. to obtain long term financing for the capital investments for implementing the Remediation Plan of the Project. The Remediation Plan aims to invigorate the field from its current production level of about 18,000 bbl/day to 27,000 bbl/day by the use of water flooding technique.
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