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PDVSA, ONGC Videsh reach agreement on joint oil production

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Staff Writer | November 8, 2016
Venezuela's state-owned oil and natural gas company PDVSA and India have signed accords worth $1.45 billion.
Cooperation   From 430,000 barrels per day to 855,000
Oil production is expected to increase from 430,000 barrels per day to 855,000 in less than a year. Exports in mind, there is a natiowide shortage of fuel.

India’s ONGC Videsh Limited will disemburse $318 million for Indovenezolana, a joint venture in the San Cristobal Field in the Orinoco Oil Belt, where PDVSA remains a majority stakeholder, while Delta Finance BV will provide $1.13 billion for the joint venture Petrodelta, in which PDVSA will also hold a majority stake.

“Those joint ventures together are currently producing 430,000 barrels. With investments in the next year or year and a half we are going to have a production of 855,000 bpd; in other words, an increase of 435,000 bpd,” said Venezuelan Oil Minister Eulogio Del Pino said.