India’s ONGC Targets Tenfold Oil Output Boost in Venezuela
India’s state-owned Oil and Natural Gas Corporation (ONGC) plans to invest about $200 million to revive production at the San Cristobal oilfield in Venezuela, which it shares with Venezuelan state oil firm PDVSA, Indian outlet Economic Times reported on Wednesday, citing sources with knowledge of the development. ONGC’s overseas unit ONGC Videsh Ltd (OVL) holds stakes in some Venezuelan oil projects, including a 40% interest in the San Cristobal oilfield, in which PDVSA owns the remaining 60%.
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Key Facts
- Fact 1: India’s state-owned Oil and Natural Gas Corporation (ONGC) plans to invest about $200 million to revive production at the San Cristobal oilfield in Venezuela, which it shares with Venezuelan state oil firm PDVSA, Indian outlet Economic Times reported on Wednesday, citing sources with knowledge of the development.
- Fact 2: ONGC’s overseas unit ONGC Videsh Ltd (OVL) holds stakes in some Venezuelan oil projects, including a 40% interest in the San Cristobal oilfield, in which PDVSA owns the remaining 60%.
- Fact 3: India’s largest oil and gas company has a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project but has been forced to curb activity significantly amid a barrage of U.S.
- Fact 4: The $200-million budget for reviving production at San Cristobal in the Orinoco Belt would be given the green light once the Indian firm and PDVSA sign an agreement on an investment plan.
India’s state-owned Oil and Natural Gas Corporation (ONGC) plans to invest about $200 million to revive production at the San Cristobal oilfield in Venezuela, which it shares with Venezuelan state oil firm PDVSA, Indian outlet Economic Times reported on Wednesday, citing sources with knowledge of the development. ONGC’s overseas unit ONGC Videsh Ltd (OVL) holds stakes in some Venezuelan oil projects, including a 40% interest in the San Cristobal oilfield, in which PDVSA owns the remaining 60%.
Earlier this month, ONGC secured a license from the U.S. Office of Foreign Assets Control (OFAC) to return to Venezuela. India’s largest oil and gas company has a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project but has been forced to curb activity significantly amid a barrage of U.S.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
Original source: OilPrice.com
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