After the Sakhalin ($2.77 billion) and Imperial ($2.1 billion) overseas energy investment, ONGC Videsh Ltd (OVL), Indian Oil Corporation (IOC) and Oil India Ltd (OIL) will invest $2.18 billion in a $15-20-billion Venezuelan project. This project is expected to produce 3.6 million tonne crude oil annually
OVL will invest $1.33 billion, while IOC and OIL will invest $454 million each in the 400,000 barrels per day (bpd) Carabolo-1 project between 2010 and 2015. Early output of at least 50,000 bpd is slated to start in 2012-13, before rising to its peak in 2016.
The consortium will build heavy oil production facilities, upgrade facilities and associated infrastructure. The upstream production facilities are expected to produce around 400,000 bpd of extra heavy oil, of which approximately 200,000 bpd will be upgraded into light crude oil in a facility to be located in the Soledad area, AnzoƔtegui State.
Source : OVL, IOC, OIL to invest $2.18 bn in Venezuelan oil projectOVL will invest $1.33 billion, while IOC and OIL will invest $454 million each in the 400,000 barrels per day (bpd) Carabolo-1 project between 2010 and 2015. Early output of at least 50,000 bpd is slated to start in 2012-13, before rising to its peak in 2016.
The consortium will build heavy oil production facilities, upgrade facilities and associated infrastructure. The upstream production facilities are expected to produce around 400,000 bpd of extra heavy oil, of which approximately 200,000 bpd will be upgraded into light crude oil in a facility to be located in the Soledad area, AnzoƔtegui State.
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