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India, Venezuela sign deals to increase Oil Production

India and Venezuela have signed an oil production deals worth about 1.45 billion US dollar to increase oil production. 
●    The agreement was signed between Oil and Natural Gas Corporation (ONGC), Venezeulas Petroleos de Venezuela SA (PDVSA), and Venezuela’s consortium Delta Finance BV in Caracas. 
●    The Indo-Venezuelan partnership created in 2009 is expected to double the daily oil production of San Cristobal field from 20,000 to 40,000 barrels of oil. 
●    Comment The agreement comes amid a severe economic crisis in Venezuela. 
●    It is seen as a way to boost oil production, pay off debts, obtain funds from other foreign partners, and increase the country’s oil income. 
●    Venezuelan crisis Venezuela’s economy relies on oil exports and it accounts for half of the Venezuelan government’s revenues. 
●    Recently, it has been severely hit by a drastic fall in oil prices and resulted in the Venezuela’s economic crisis.


 

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