July 11, 2012. ONGC-led consortium plans to invest another $2.2 billion in Venezuela's oil sector. ONGC Videsh has already invested $350 million and intends to pump in an additional $500 million in the San Cristobel oil field. Other Indian companies are also eying the Venezuelan market. While gas firm GAIL is considering exploring opportunities in the natural gas value chain in the Latin American country, BPCL is keen to explore opportunities to export base oil to Venezuela and its marketing. Minister of State for Commerce and Industry Jyotiraditya Scindia is currently on a visit to the oil rich nation. Besides, the Indian Government has forwarded a proposal to Venezuela to participate in a refinery joint venture project in Odhisa with the Indian Oil Corporation.