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 India's Oil and Natural Gas Corporation (ONGC), Venezeulas Petroleos de Venezuela SA (PDVSA), and Venezuela's consortium Delta Finance BVin Caracas, Venezeula yesterday.<br/><br/>Venezuelan President Nicolas Maduro during the signing ceremony thanks India for showing confidence in Venezuela and its oil industry and said India and Venezuela are reliable partners to continue working, producing and to continue winning with these partnerships. <br/><br/>The agreement comes amid a severe economic crisis in Venezuela, and 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. The Indo-Venezuelan partnership, created in 2009, is expected to double the San Cristobal field daily oil production from 20,000 to 40,000 barrels of oil.