For facilitating redevelopment of the San Cristobal joint venture project in Venezuela
ONGC Videsh and Petroleos De Venezuela S.A. (PDVSA) through their relevant subsidiaries signed two definitive agreements for facilitating redevelopment of the San Cristobal joint venture project in Venezuela on 04 November 2016.ONGC Videsh has an equity interest of 40% in the project with PDVSA holding the balance 60%.
The agreements provides for mechanism to liquidate ONGC Videsh's outstanding dividends from the project while at the same time, ONGC Videsh needs to obtain long term financing of the capital investments for implementing the Remediation Plan of the project.
The Remediation Plan aims to invigorate the field from its current production level of about 18000 bbl/ day to 27000 bbl/day by the use of water flooding technique.
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