India’s ONGC Targets Tenfold Oil Output Boost in Venezuela

India's state-run Oil and Natural Gas Corporation (ONGC) aims to revitalize oil production at the San Cristobal oilfield in Venezuela, a project where the company holds a 40% stake alongside Venezuela's PDVSA. The Indian firm plans to inject approximately $200 million into the effort, which officials with knowledge of the development say will increase output tenfold in the coming years.

Currently, the oilfield generates 4,000-5,000 barrels per day (bpd) of crude oil, but ONGC seeks to restore it to its previous peak of 50,000 bpd. The $200 million investment will be matched by ONGC and PDVSA, with the latter's share recouped through future production.