ONGC Aims for Tenfold Boost in Venezuela Oil Production with $200M Investment

India's state-owned oil and gas company ONGC is planning to boost Venezuela's oil production tenfold through a $200-million investment. The company, through its overseas arm ONGC Videsh Ltd (OVL), holds a 40% stake in the San Cristobal oilfield in Venezuela.

After securing a license from the U.S. Office of Foreign Assets Control (OFAC) to resume operations in Venezuela, ONGC is set to revive production at San Cristobal, located in the Orinoco Belt. The field currently produces around 4,000-5,000 barrels per day (bpd), but with this investment, ONGC aims to restore output to its previous peak of up to 50,000 bpd.