A consortium led by Indian state-owned oil companies has won a global bid to pick up 40% stake in an important oil block in Venezuela, providing a boost to India’s attempts to secure oil assets overseas.
ONGC Videsh (OVL), the foreign arm of ONGC, will pick up 11% stake in the Venezuelan field Carabobo-1, while other two Indian partners — Indian Oil Corp (IOC) and Oil India (OIL) will have 3.5% stake each.
The field has potential to produce 400,000 barrels crude oil per day or 20 million tonnes per annum.
The field, which is expected to start production by 2013, is likely to achieve a peak production of 400,000 barrel per day by around 2016. The share of three Indian public sector is expected to be about 5.5 million tonnes per annum at peak production.
Look at this image to get a glimpse of some other major overseas investments by Indian oil companies.
European leaders struck a deal to provide financial aid to Greece, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro single currency.
The details of the package were not expected to be finalised until early next week, when EU finance ministers meet, but the bloc's leaders suggested it could include some form of loans to Greece to help it service its debt and avoid a damaging default.
As they announced the deal, EU leaders also urged Athens to make deep cuts to its budget deficit to restore confidence in its economy, and the broader euro zone, and prevent its fiscal crisis from spilling over to other high-debt states like Portugal and Spain.
Cricket’s push to be a part of the Olympic Games received a major boost with International Olympic Council granting recognition to ICC.
The IOC in its meeting here voted to recognise the International Cricket Council and the federations of sport climbing and power boating.
ICC chief executive Haroon Lorgat has welcomed the decision and termed it as the first step towards cricket’s inclusion in the Olympics.
Cricket was granted the status of a recognised Olympic sport in 2007, for sports not in the Olympic programme but, which conform to certain criteria, pending a decision for a permanent slot in the Games.
Cricket was part of the 1900 Olympics in Paris and has not appeared since then. The game was part of the 1998 Kuala Lumpur Commonwealth Games and its Twenty20 version is set to feature at this year’s Asian Games in Guangzhou, China.