{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Venezuela and India team up for production of oil and natural gas' data-url='/boclips/videos/5c54c351d8eafeecae1605dd' data-video-url='/boclips/videos/5c54c351d8eafeecae1605dd' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nVenezuela and India team up for production of oil and natural gas\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of ministers entering news conference 2. Indian Minister of Oil and Natural gas Murli Deora (on left) and Venezuelan Minister of Oil and Energy Rafael Ramirez (on right)3. Various of minister and businessmen signing documents 4....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of ministers entering news conference \u003cbr/\u003e2. Indian Minister of Oil and Natural gas Murli Deora (on left) and Venezuelan Minister of Oil and Energy Rafael Ramirez (on right)\u003cbr/\u003e3. Various of minister and businessmen signing documents \u003cbr/\u003e4. Wide of Deora speaking at podium \u003cbr/\u003e5. SOUNDBITE: (English) Murli Deora, Minister of Petroleum and Natural Gas:\u003cbr/\u003e\"India is ready to be Venezuela's partner in utilisation of gas for vehicles - we just informed you - and also home supplies, fertilisers and petrol chemicals.  I understand that training facilities offered by ONGC have become very useful by PDVSA engineers and geo-scientists.  I reiterate ONGC's commitment to exchange harder such lending programmes. We would be very happy to work jointly with PDVSA in financing oil recovery EOR technology.\"\u003cbr/\u003e6. Ministers shaking hands \u003cbr/\u003e7. SOUNDBITE: (Spanish) Rafael Ramirez, Minister of Oil and energy of Venezuela: \u003cbr/\u003e\"We have already signed the creation of a joined company, so that Petroleos de Venezuela (PDVSA) and ONGC - together and according to law - to start to explore the San Cristobal field.\" \u003cbr/\u003e8. Wide of Ramirez speaking \u003cbr/\u003e9. Cutaway of photographer \u003cbr/\u003e10. SOUNDBITE: (Spanish) Rafael Ramirez, Minister of Oil and energy of Venezuela: \u003cbr/\u003e\"Through the joint production, we will guarantee an each time bigger provision of oil to India to be refined in association with India as to contribute with the provision of the products needed in the region.\" \u003cbr/\u003e11. Wide of Ramirez speaking \u003cbr/\u003e12. Pan right from TV screen to Ramirez shaking hands with Deora \u003cbr/\u003e13. SOUNDBITE (Spanish) Rafael Ramirez, minister of Oil and energy of Venezuela:\u003cbr/\u003e\"It (the nationalisation of the cement industries) is not directed against any country or against any company, but we simply need to take control of those companies which are the biggest - the 'champions of the industry. Without the control of those companies, we will not apply the policy for the benefit of our infrastructure and our housing.\" \u003cbr/\u003e14. Ramirez and Deora shaking hands with other ministers\u003cbr/\u003eVenezuela and India teamed up on Tuesday to explore and produce oil and natural gas in eastern Venezuela.\u003cbr/\u003eState-owned Petroleos de Venezuela SA (PDVSA), will hold a 60 per cent stake in the joint venture, Venezuelan Oil Minister Rafael Ramirez said. \u003cbr/\u003eThe rest will be controlled by Oil and Natural Gas Corporations (ONGC), India's top petroleum exploration company.\u003cbr/\u003eRamirez said ONGC will invest 450 million (m) US dollars in the project, known as Petrolera Indo Venezolana.\u003cbr/\u003eMurli Deora, India's Minister of Petroleum and Natural Gas said that India is ready to be Venezuela's partner and reiterated ONGC's commitment to cooperation in the area of lending programmes.\u003cbr/\u003e\"We would be very happy to work jointly with PDVSA in financing oil recovery and  technology,\" he said at a joint press conference in Caracas on Tuesday.\u003cbr/\u003eVenezuela estimates that over the next 25 years, the venture will yield 232 million (m) barrels of crude from the San Cristobal oil field, which spans 62 square miles (160 square kilometres) in the eastern states of Anzoategui and Guarico. Production is expected to begin within three years.\u003cbr/\u003eRamirez said the agreement was \"a first step'' toward further energy cooperation between the two countries, saying that Venezuela plans to ship 150-thousand barrels of heavy crude a day to India.\u003cbr/\u003e\"Through the joint production, we will guarantee an each time bigger provision of oil to India to be refined in association with India as to contribute with the provision of the products needed in the region,\" he said. \u003cbr/\u003eThe Venezuelan President Hugo Chavez has long expressed a desire to reduce dependence on the US, which remains the No.1  buyer of Venezuelan oil despite rocky relations between the countries.\u003cbr/\u003eRamirez also told reporters after that Venezuela's announcement last week to nationalise its cement industry was not directed against any country or against any company.\u003cbr/\u003e\"We simply need to take control of those companies that are the biggest, the 'champions' of the 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