New Delhi/Caracas, July 8 (Reuters): Cash-hungry Venezuela has offered ONGC Videsh an increased stake in an oilfield, according to two sources close to the proposal as the country seeks to shore up its bruised energy industry and strengthen ties with New Delhi.

State oil firm Petroleos de Venezuela SA (PDVSA) has proposed selling a 9 per cent stake in the San Cristobal field to ONGC Videsh (OVL), a subsidiary of public sector oil explorer Oil and Natural Gas Corporation Ltd (ONGC), sources said.

ONGC Videsh already holds a 40 per cent stake in the field, which produces around 22,000-23,000 barrels per day (bpd) of oil.

While the amount of the sale would be relatively modest, according to analysts, any extra income would be welcome for PDVSA.

Venezuela, struggling under triple-digit inflation and Soviet-style product shortages as its socialist economy unravels, has been hit hard by the falling price of oil, its economic lifeline.

The Opec nation's oil output has slipped and PDVSA is struggling to maintain investment in its oilfields, which hold the world's largest crude reserves.

The state company already offered Russian oil major Rosneft a stake in a joint venture in an extra-heavy crude project in the Orinoco Belt, sources said in March.

The sources said PDVSA was still negotiating with ONGC and no deal was certain.

Under Venezuela's hydrocarbon law, the state must maintain more than 50 per cent of all oil ventures, hence PDVSA can only offer up to 9 per cent to the Indian firm.

"ONGC is still evaluating the options," one of the sources said, adding the purchase could be challenging given the Indian company's revenues are suffering because of lower oil prices.