'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
The US government, under President Trump, justifies the intervention as a security necessity rather than a resource grab. The primary official reasons include: narco-terrorism charges, national security and migration crisis.
The Indian firms will develop the Carabobo-1 block in Venezuela's Orinoco Belt with Spain's Repsol YPF SA and Malaysia's Petroliam Nasional Bdh, ONGC said.
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