The MOU was signed on the conclusion ceremony of 1st Indo-Venezuela Hydrocarbon Business Roundtable in Caracas held during 7th – 9th October 2013. The MOU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela. The MOU will facilitate OVL and PDVSA to explore available opportunities through joint collaboration and hence, enhance OVL’s interest in Venezuela.

On this occasion Mr. Sudhir Vasudeva, Chairman ONGC group of companies stated, "This MOU underlines the spirit of collaboration and mutual respect between two E&P giants of India and Venezuela. Venezuela has world’s highest reserves and we have a huge market. We intend to use this opportunity to further our interests in this oil rich country".

OVL currently has stakes in two producing projects in Venezuela; Petro-Carabobo and Petro-Indovenezolana with investments of about US$ 341 million.