PDVSA signs US$1.45 billion oil deals with Indian and local firms

State oil company Petróleos de Venezuela (PDVSA) signed US$1.45 billion in oil deals with Indian and Venezuelan firms on 4 November 2016. PDVSA finalized a deal with Indian state oil company ONGC Videsh Limited to invest US$318 million in the Indovenezolana joint venture in the Orinoco Oil Belt to double crude production from 20,000 to 40,000 barrels per day (Tal Cual). The second deal, worth US$1.13 billion, was signed with Venezuelan firm Delta Finance BV to increase production from 420,000 to 855,000 barrels of crude per day at the joint venture PetroDelta (Efecto Cocuyo). At the signing, PDVSA President Eulogio del Pino stated Venezuela has committed US$10.7 billion in financing for its energy-related joint ventures over the past two years (Panorama).