RIL eyes stake in two Venezuelan projects.

Indian oil & gas companies, both government-run and private ones, are eyeing major acquisitions in Latin America. The Mukesh Ambani-controlled Reliance Industries Ltd. (RIL), which is closing in on buying 20 per cent in Venezuela's Ayacucho-8 block, is also in talks for a 11 per cent stake in the $20-billion Carabobo-1 project in that country. State-owned ONGC Videsh Ltd. (OVL), on the other hand, is in discussions for a small stake in Brazil's Libra pre-salt project.

People close to the development said RIL, which was in an advanced stage of discussions, was keen to acquire at least half the 40 per cent stake owner Petroleos de Venezuela (PdVSA) was offering in the Ayacucho-8 block.

The Carabobo-1 project, in which RIL is planning to buy 11 per cent, was surrendered by Malaysia's Petronas recently.

BS