The Government of India approved on 19 March an investment of $2.18 billion by three state-run companies - ONGC Videsh Ltd (OVL), Indian Oil Corporation and Oil India - in Venezuela's Carabobo oil block.
The three companies, which together have an 18 percent equity interest in the project were awarded the block in consortium with Spain's Repsol YPF SA (REP) and Malaysia's Petroliam Nasional Bhd. Venezuala's state-run Petroleos de Venezuela SA holds the remaining stake in the block.
OVL has already invested over a billion dollars in oil fields in Brazil and Colombia
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