India and Venezuela signed agreements Saturday to increase cooperation in sectors such as oil exploration and hydrocarbons during a visit by Venezuelan President Hugo Chavez. India's state-owned Oil and Natural Gas Corporation Videsh Ltd will now hold a 49 per cent stake in the San Christobal oilfield, which can potentially produce 100,000 barrels a day, Chavez said. The Indian firm will partner with Venezuelan state oil company PDVSA. Chavez, first Venezuelan president to visit India, met Indian Prime Minister Manmohan Singh on Saturday. The two countries also signed agreements for cooperation in biotechnology, space technology and building and maintaining of railways. "We have come to offer India friendship and cooperation, especially in the field of hydrocarbons. We will help India increase its oil production. Soon India will be self-sufficient in oil exploration and production," Chavez said. India currently imports 70 per cent of its crude oil requirement. India is also Asia's third largest oil consumer.
