Venezuela in talks with India's Reliance to explore blocks

NEW DELHI: Venezuela's state oil company PDVSA is in talks with India's Reliance Industries and ONGC to explore Ayacucho and Boyaca fields, Fadi Kabboul, executive director, corporate planning of PDVSA, told reporters at an industry conference in India.

On Sept. 25, Venezuelan Oil Minister Rafael Ramirez said his country would partner with Reliance to develop a block in the south American country's Orinoco extra heavy crude belt.

Kabboul said the company would raise exports to Asia to 2.8 million bpd by 2018 against 1.2 million bpd in 2012.