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Venezuelan national oil company Petroleos de Venezuela S A (PDVSA) will help Oil India Ltd exploit about $2 billion worth of heavy crude oil in Baghewala oil field in Rajasthan.
The field is estimated to have over 35 million tonnes of bitumen and around 16 million tonnes of heavy crude oil.
The state-run exploration firm OIL on Tuesday signed an agreement for carrying out consultancy service/technical collaboration, including detailed geo-scientific and reservoir engineering studies of the Baghewala oil field.
The agreement was signed by Walter Marquez, Ambassador of Venezuela in India, and OIL director (exploration) S K Patra.
"PDVSA will provide us technology for bringing out the heavy crude oil as well has making it useable as feedstock in power plants," Patra said.
Marquez said heavy crude deposits have been discovered in India's northwest zones of Rajasthan and Gujarat. There exist vast possibilities of huge reservoirs of light and medium crudes between Bikaner-Nagaur basin in Rajasthan.
"Venezuela, which holds world's largest heavy oil reserves, can help India exploit these," he said.
The agreement would lead to pilot plant experiment for exploitation of heavy oil and bitumen with subsequent development plan and utilisation options.
OIL director (finance) M R Pasrija said 15-16 million tonnes of crude oil can be recovered from the Rajasthan field.