High-Technology Exchanged For Oil Equity
With the high
price of oil, new technology from a company in India is suddenly
very popular. The Indian company, Oil Natural Gas Corporation (ONGC),
has developed a heavy-crude recovery technology. They are bartering
the use of their technology to both Petro�leos de Venezuela (PDVSA)
and Syrian Petroleum Corporation (SPC) for an ownership position in
various oil fields in the two countries.
has been developed in-house by the ONGC team, which has been working
on the project since 1978 for Baloi, Santhal and Lanwa oil fields in
North Gujarat, India.