India, Venezuela sign deals to increase oil production
Free Current Affairs to Your Email
Posted on:05 Nov 2016 18:01:19
05 November 2016 Current Affairs: 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 BVin 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.
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.
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. The inflation rate in Venezuela is out of control leading to hyperinflation like condition resulting in shortages of goods and essential commodities. The inflation rate of Venezuela is highest in the world which is expected to reach 475% by the end of 2016.
FreshersLive - No.1 Job site in India. Here you can find latest 2017 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.