Venezuela visit draws a blank for OVL

Vol 9, PW 12 (22 Sep 05) News in Brief

Cuba might be ready to offer exploration and production acreage to India but sadly the same cant be said about Venezuela.

Venezuelan officials, it seems, were unwilling to reveal data of the discovered Ceuta Tomoporo field and other properties, despite its inclusion on the agenda during a visit by Indian officials to both countries from 30th August to 7th September. Embarrassed silence set in when the Indian side reminded its Venezuelan counterparts of a promise by President Hugo Chavez on a visit to India this year to offer Ceuta Tomoporo and some other marginal fields: They just whispered something in Spanish and assured us that arrangements would be made, a source on the delegation tells us.

But they did not say how and when. Chavez signed two MoUs during his visit to India from 4th to 7th March in which he promised OVL a 49% stake in the San Cristobal field and stakes in Ceuta Tomoporo and some marginal fields.