The investment, managed by the company's overseas unit ONGC Videsh Ltd, aims to bring output at the Orinoco Belt site from its current stagnant rate of 4,000 to 5,000 barrels per day back to 50,000 barrels. ONGC holds a 40% stake in the project, with the remaining 60% owned by the Venezuelan state firm PDVSA.

Under the proposed financial structure, the Indian firm will front the entire $200 million, covering PDVSA’s share of the costs. This capital will be recouped through future oil sales once the field reaches higher capacity. While the project has been crippled for years by international sanctions and structural mismanagement, the companies are now finalizing a formal investment agreement to begin the twelve-month development cycle.