PetroChina to form Joint Venture with ONGC for exploration
Business
dion-Religare
By Religare
Major crude company, PetroChina has recently involved in talks with Oil and Natural Gas Corporation (ONGC) for a joint venture to explore oil and gas in India. It is also been said that PetroChina senior managers may visit the country in February 2011 to seek approval for the same. Besides, it is interested in engineering and oilfield services in India.
As per US Energy Information Administration, India has proven crude oil reserves of 5.6 billion barrels as per. Meanwhile, thre was decline in China petroleum reserves and output as the country becomes the second-largest energy consumer in the world after the US.
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