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Venezuela firm to help Oil India extract heavy crude

Venezuela's Petroleos de Venezuela SA will help state-run Oil India Ltd exploit reserves of heavy crude oil in Rajasthan, the Indian exploration firm said on Friday.

OIL discovered bitumen and heavy crude oil in 1991 but did not have the technology to extract the viscous liquid.

"PDVSA, the largest producer of heavy oil in OPEC was requested to provide technical know-how through its consulting branch, PDVSA Intevep," OIL said in a statement.

Experts from both countries will analyse deposits, design wells and plan a production strategy in an area of 400 square km in the Bikaner-Nagaur Basin in Rajasthan," Venezuelan Ambassador Walter Marquez said.

The development of the field would help OIL earn $150 million a year for two decades, he said at the ceremony for signing the agreement for technical collaboration.

Marquez also offered technological support in analysing India's sedimentary basins to assess the potential of hydrocarbons.

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