AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.17 Decreased By ▼ -0.08 (-0.78%)
CNERGY 6.70 Decreased By ▼ -0.30 (-4.29%)
FCCL 33.14 Decreased By ▼ -0.33 (-0.99%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.50 Increased By ▲ 0.68 (3.12%)
HUBC 127.17 Decreased By ▼ -1.94 (-1.5%)
HUMNL 13.80 Decreased By ▼ -0.06 (-0.43%)
KEL 4.70 Decreased By ▼ -0.16 (-3.29%)
KOSM 6.40 Decreased By ▼ -0.53 (-7.65%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.20 Increased By ▲ 0.25 (0.12%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.65 Decreased By ▼ -0.52 (-1.26%)
PIAHCLA 16.80 Decreased By ▼ -0.03 (-0.18%)
PIBTL 8.33 Decreased By ▼ -0.30 (-3.48%)
POWER 8.80 Decreased By ▼ -0.01 (-0.11%)
PPL 183.83 Increased By ▲ 0.80 (0.44%)
PRL 38.30 Decreased By ▼ -1.33 (-3.36%)
PTC 24.10 Decreased By ▼ -0.63 (-2.55%)
SEARL 95.20 Decreased By ▼ -2.81 (-2.87%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.90 Decreased By ▼ -1.83 (-4.39%)
SYM 18.33 Decreased By ▼ -0.53 (-2.81%)
TELE 8.67 Decreased By ▼ -0.33 (-3.67%)
TPLP 12.18 Decreased By ▼ -0.22 (-1.77%)
TRG 64.02 Decreased By ▼ -1.66 (-2.53%)
WAVESAPP 10.40 Decreased By ▼ -0.58 (-5.28%)
WTL 1.79 No Change ▼ 0.00 (0%)
YOUW 4.02 Decreased By ▼ -0.01 (-0.25%)
BR100 11,733 Decreased By -133.2 (-1.12%)
BR30 35,368 Decreased By -328.7 (-0.92%)
KSE100 112,768 Decreased By -1380.5 (-1.21%)
KSE30 35,460 Decreased By -492.3 (-1.37%)

India will discuss opportunities for exploring oil and gas in Venezuela when the country's foreign minister visits New Delhi this week, an Indian government spokesman said on Tuesday.
Venezuelan Foreign Minister Jesus Perez is scheduled to meet India's oil minister, Mani Shankar Aiyar, and other officials during his visit that begins on Wednesday, the spokesman of India's ministry of external affairs said.
It said the two countries were seeking closer co-operation in several sectors including hydrocarbons, infrastructure, and biotechnology.
"We are also conducting discussions for ... possibilities of Indian presence in the Venezuelan oil and gas exploration sector," he said in a statement.
Venezuela is the world's No. 5 oil exporter, while India imports 70 percent of its crude oil requirement, mostly from the Middle East.
"Trade and particularly trade in oil, I am sure would form one part of the discussions. There is a meeting planned with the ministry for petroleum," the foreign ministry's website quoted the spokesman as saying.
Last year, Indian exploration firm, state-run Oil India Ltd, said Venezuela's Petroleos de Venezuela SA (PDVSA) would help it exploit reserves of heavy crude oil in the northwestern state of Rajasthan.
The Indian company discovered heavy crude oil in 1991 but did not have the technology to extract the viscous liquid.
Indian state-run firms are seeking investment opportunities in foreign oil and gas projects as domestic reserves are shrinking, while demand is rising.
State-run Oil and Natural Gas Corp has stakes in projects in several countries including Russia, Vietnam, Sudan, Myanmar and Australia and hopes to produce 400,000 barrels a day from its overseas petroleum assets by 2010/11.
Oil ministry officials say India is prepared to spend more than $1 billion a year to acquire stakes in oil and gas projects abroad. In the current fiscal year to March 2005, ONGC's investment in foreign ventures is likely to be $1.6 billion.

Copyright Reuters, 2004

Comments

Comments are closed.