OVL declines Venezuela’s offer for additional stake in oilfield

ONGC Videsh Ltd. (OVL) has rejected Venezuela’s offer for additional stake in an oilfield as it fears the Latin American nation may use it as an excuse to not pay $449 million of dues, a top official said. State oil firm Petroleos de Venezuela SA had last year offered a 9% stake in the San Cristobal field to OVL. OVL already holds a 40% stake in the field, which produces about 18,000 barrels of oil per day.PTI
Source : https://www.thehindu.com/todays-paper/tp-business/ovl-declines-venezuelas-offer-for-additional-stake-in-oilfield/article24911603.ece

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