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10/23/2007

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´┐Żleos de Venezuela (PDVSA) and Syrian Petroleum Corporation (SPC) for an ownership position in various oil fields in the two countries.

The technology 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.


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