ONGC remains committed to Venezuelan oil project

Despite a default in sovereign debt by Venezuela, Indian oil and gas major ONGC has clarified in a statement that it will continue implementation of the San Cristobel oilfield project, in the politically and economically embattled Latin American country. ONGC said this week that the November 2016 agreement with Venezuelan national oil company, Petreos de Venezuela SA (PDVSA), remained in place and that all provisions to implement ongoing projects would continue.