ONGC Videsh (OVL), which has already invested $350 million, intends to invest an additional $500 million in the San Cristobel oil field in Venezuela. In addition to this, OVL along with other state-run oil and gas firms like Indian Oil Corporation and Oil India proposes to invest $2.2 billion in the Carobobo project, taking the total proposed investment to over $3 billion.
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