India's ONGC, PDVSA aim to raise around $1 billion for Venezuela JV

India's Oil and Natural Gas Corp and Venezuela's state oil company PDVSA are seeking around $1 billion in credit to stem an output decline at their San Cristobal joint venture, two sources close to the negotiations told Reuters. Indian banks are poised to lend the money to the joint venture, the sources said, though ONGC would provide the guarantee and the breakdown of the loan's repayment has not yet been decided. The deal is expected to ensure state-owned ONGC receives between $400 million and $500 million of unpaid dividends that have accrued over five years. "This could come together next year," one of the sources said of the deal, which seeks to stem San Cristobal's production fall from a peak of over 40,000 barrels per day to around 30,000 bpd. More…