The joint venture will be set up in the San Cristobal area
India is likely to invest some $400 million in joint exploitation of an oil field in the Orinoco Oil Strip in Venezuela.
The Venezuela's state oil company PDVSA (60 pct) and India's Videsh (40 pct) will create a joint venture called Indo Venezolana S.A.
The joint venture will be set up in the San Cristobal area, north of the Orinoco Oil Strip, and will be in charge of exploration, extraction, collection, transportation and storage of crude oil and natural gas.
The new project will increase oil production in the San Cristobal field from the current 30,000 barrels to 60,000 barrels a day in the coming years.