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OVL’s Venezuela field begins production

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SummaryONGC Videsh’s multi-billion dollar Carabobo oilfield in Venezuela has started crude oil production as part of its efforts to address an energy shortage threatening India's economic growth.

ONGC Videsh’s multi-billion dollar Carabobo oilfield in Venezuela has started crude oil production as part of its efforts to address an energy shortage threatening India's economic growth.

The first well in the Carabobo field of Venezuela's oil-rich Orinoco Belt began pumping extra-heavy crude a few days ago, said official sources.

While initially only a small quantity is being produced, the project aims to produce 30,000 barrels per day of crude oil in the first development phase and 90,000 barrels in the second phase. Ultimately, the project will produce 400,000 bpd (20 million tonnes a year) of crude oil.

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