The Indian government has approved plans by ONGC Videsh to invest $458 million in oil and gas projects in Venezuela and Qatar

The Indian government has approved plans by ONGC Videsh Ltd. (OVL), the overseas investment arm of the state-run Oil & Natural Gas Corp., to invest as much as $458 million in oil and gas projects in Venezuela and Qatar. The cabinet will permit OVL to form a joint venture with Petroleos de Venezuela SA for development of San Cristobal field with an investment of $356 million. It also has authorized OVL to invest $102 million for appraisal, development, and production-sharing for Qatar's Najwat Najem project.