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
Don't hold your breath for Russian shale
21 September 2017
The Bazhenov deposit holds a lot of oil, but a repeat of the American shale bonanza is by no means imminent
Latest licensing rounds
20 September 2017
The industry's most comprehensive list of current and recent rounds for onshore and offshore licenses
US shale—more where that came from
15 September 2017
America's shale industry is showing few signs of slowing down this year