Cozy Union

India’s state-run Oil & Natural Gas Corp. is planning to form a joint venture with Sri Lankan state-run company Ceylon Petroleum Corp. to take up exploration in Southern India’s Cauvery basin, reports the Economic Times newspaper Tuesday India’s state-run Oil & Natural Gas Corp. is planning to form a joint venture with Sri Lankan state-run company Ceylon Petroleum Corp. to take up exploration in Southern India’s Cauvery basin, reports the Economic Times newspaper Tuesday The joint venture company is also likely to participate in Sri Lankan upstream ventures when that country opens up its exploration sector to foreign investments in early 2005, says the paper.

The joint venture with Ceylon Petroleum will be through ONGC’s foreign investment arm ONGC Videsh Ltd., said the paper.