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. 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,´ a source 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. Venezuela awarded ONGC its stake in the field in 2008.
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