Les deben $421MM desde 2009.
Investments in Venezuela face high risks: ONGC
NEW DELHI: State-run Oil & Natural Gas Corp (ONGC) has cautioned the government that India's projects of $2.5 billion in Venezuela face high "operational, fiscal and legal risks", highlighting the need to quickly sign a bilateral investment pact with the oil-rich country.
Venezuela has already attracted investment from Indian state firms, which are looking for more opportunities there, while Reliance Industries is interested in picking up an equity stake in an oilfield in the country.
"ONGC Videsh is facing problems of implementation of even the signed contracts with Venezuelan state oil company, PdVSA. While the dividends approved for San Cristobal for four years from 2009 to 2012, totaling about $421 million have not been paid, various provisions in the contracts for PetroCarabobo project have been reopened, exposing OVL to higher investment risk in the country," ONGC's foreign arm said in a letter to the oil ministry.Venezuela has already attracted investment from Indian state firms, which are looking for more opportunities there, while Reliance Industries is interested in picking up an equity stake in an oilfield in the country.
Oil ministry and ONGC officials said the matter has been raised with the Latin American country. Venezuela has the largest petroleum reserves in the world, higher than Saudi Arabia. Hence it is one of the most important investment destinations for Indian companies, officials said. India's refiners such as Indian Oil Corp and Reliance Industries import Venezuelan crude in large quantity and recently RIL evinced interest in picking up equity stake in oilfields of the country.
ONGC Videsh currently holds equity stakes in two oilfields in Venezuela - PetroCarabobo and San Cristobal. It had acquired 40% stake in San Cristobal project in April 2008. San Cristobal covers an area of 160.18 sq km in the Zuata subdivision of prolific Orinoco heavy oil belt in Venezuela. OVL received last dividend of $56.22 million in 2008 from the project, which also faced an adverse windfall tax levied by the Venezuelan government, significantly bringing down the project's profitability.
About 40% stake in the Carabobi project is jointly owned by a consortium of OVL, Indian Oil Corp, Oil India, Repsol and Petronas. OVL holds 11% stake in the project. Repsol and Petronas hold 11% each while IOC and OIL hold 3.5% each. RIL is interested to buy out Petronas from the project. Petroleos de Venezuela SA (PDVSA), which is Venezuela's state oil company, holds balance 60%.
"The project has estimated oil in place of about 27 billion barrels," an OVL executive said. The consortium has a licence for 25 years, which can be extended by another 15 year.
ONGC executives said they would invest in more such Venezuelan oilfields, provided risk is minimised through bilateral agreements. "OVL continues to look at Venezuela as an attractive destination for E&P investments from the point of view of underground prospectively, however, the operational, fiscal and legal risks need to be appropriately covered to enable OVL to continue and even expand its operations in Venezuela," the letter said.
Investments in Venezuela face high risks: ONGC - Economic Times
