New Delhi, April 6: ONGC Videsh, the wholly-owned subsidiary of the state-run ONGC, will invest around USD 450 million in Venezuela where it has got a 40 percent stake in an oil and gas block, Petroleum Minister Murli Deora said.

The block, San Christobal, has a reserve of around 250 million tonnes, the Minister said, adding that he would be flying to the Latin American country on Sunday to sign the pact with Venezuela's oil company PDVSA, which has the remaining 60 percent stake in the block.

"I am going to Venezuela tomorrow and a deal will be signed," Deora told reporters on the sidelines of an oil & gas seminar organised by CII in Mumbai on Saturday.

Venezuela holds a large reserve of heavy and very heavy crude, for which it was looking for partners to exploit.

OVL has 25 projects in 15 countries at present, but the company has got significant presence in Latin America.

Venezuela, which is the only member in the OPEC from Latin America, is one of the top four oil producing countries in the world.

Petroleum Secretary M Srinivasan said that production from the field would start in three years.

OVL has already inked a memorandum of understanding with NTEVEP, a subsidiary of PDVSA for skill development in various aspects of exploration and production in 2006.

Union Petroleum Minister Murli Deora has said that he would be discussing the Iran-Pakistan-India gas pipeline issue with both Iranian and Pakistani officials soon.

The minister, while addressing reporters in Mumbai, said that he would be meeting officials of both countries on 23rd April.

"We hope to resolve the issue soon," Deora said, adding that the meeting is expected to take place in Pakistan.

According to him, there were not many differences between the parties concerned.

"There are only some pricing and cess issues to be discussed," Deora said.