ONGC Targets Tenfold Output Boost in Venezuelan Oilfield

India's state-owned Oil and Natural Gas Corporation (ONGC) is reviving its oil production in Venezuela's San Cristobal field, aiming to boost output tenfold with a $200 million investment. The company's overseas unit ONGC Videsh Ltd (OVL) holds a 40% stake in the project, while Venezuelan state oil firm PDVSA owns the remaining 60%. After securing a license from the US Office of Foreign Assets Control (OFAC), ONGC plans to develop the field.

The $200 million budget will cover PDVSA's share of investment as well. The Indian firm aims to increase production at San Cristobal, which currently produces around 4,000-5,000 barrels per day (bpd) of crude oil, to up to 50,000 bpd in the coming years.

This level was achieved before US sanctions and years of mismanagement crippled production. ONGC's investment is expected to help restore output to its previous peak.