Related Articles
Forward article link
Share PDF with colleagues

Reliance eyes Orinoco belt in deal with PdV

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

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

Also in this section
Can Senegal rejuvenate West Africa’s upstream?
19 July 2016
Relative stability and promising geology may yield another new frontier in the region
Ghana's prospects brighten
19 July 2016
After some offshore problems, the country’s upstream should see significant growth in the coming months
Nigeria: delta of trouble
19 July 2016
Nigeria planned to clean up its oil sector and increase production, but the optimism is fading