JV for oil project in Venezuela

Murli Deora, minister for petroleum and natural gas, along with S.
Sundareshan, petroleum secretary and chairman of IndianOil and Oil
India Limited, MD, ONGC Videsh Limited and other senior officials
participated in the signing ceremony presided over by Hugo Chavez
Frias, president, Bolivarian Republic of Venezuela, for signing a
joint venture agreement with the Corporacion Venezolana del PetroIeo
S.A. (CVP) for the development and production from Carabobo-1 Project,
in Orinoco Region of Venezuela. The new joint venture is called
PetroCarabobo S.A. Alongwith OVL, IndianOil and OIL, the other two
partners of the consortium i.e, Spanish major Repsol and Petronas,
Malaysia also signed the joint venture agreement.

Source:Times of India, New Delhi, May 14, 2010