Reliance eyes Orinoco belt in deal with PdV

27 September 2012

Justin Jacobs, LONDON: India's Reliance Industries and Venezuela's PdV have signed energy cooperation agreements including a preliminary deal that could see Reliance spend billions of dollars in Venezuela's Orinoco heavy-oil belt. The agreements included a memorandum of understanding (MoU) for Reliance to join PdV in developing the Boyacá 4 heavy-oil project. It would be Reliance's first foray into heavy-oil development, though the company has been interested in heavy oil for a number of years. In 2010 Reliance put forward a $2 billion bid for Canadian oil-sands company Value Creation, but was outbid by BP. Negotiations over details of Reliance's role in the project, though, appear to be in the early stages and a number of similar MoU's between PdV and foreign companies have not been followed up by formal agreements. "We are going to review the development plan...



Please log in to read the rest of this article or if you are new to Petroleum Economist, take advantage of one week's free access and register here

If you have any queries about your account or problems registering please contact Alastair Noakes on +44(0)20 7779 8007 or anokaes@petroleum-economist.com



 

Login here


You must login to your account to read the rest of the article


Login

Register here


Create your online account to gain 7 days FREE access


Register

Related Articles