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Cash-strapped Venezuela offers India's ONGC oil stake

This comes on the back of Venezuela's attempts to shore up its bruised energy industry

Reuters  |  New Delhi/Caracas 

Cash-hungry Venezuela has offered Indian oil company Oil and Natural Gas Corporation (ONGC) Videsh an increased stake in an oil field, according to two sources close to the proposal, as the country seeks to shore up its bruised energy industry and strengthen ties with New Delhi. State oil firm Petroleos de Venezuela SA (PDVSA) has proposed selling a 9 percent stake in the San Cristobal field to ONGC Videsh (OVL), a subsidiary of India's state-owned top explorer ONGC, the sources said this week. ONGC Videsh already holds a 40 per cent stake in the field, which produces around ...

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First Published: Sat, July 08 2017. 23:29 IST