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3 clusters · 12 sources · 10 days · First seen · Last updated

ONGC oil operations in Venezuela

Overview

India’s state-owned Oil and Natural Gas Corporation (ONGC) has obtained a license from the United States Treasury’s Office of Foreign Assets Control (OFAC) to resume full operations in Venezuela. This clearance removes previous sanction-related risks that had forced the company to scale back its activities in the region.

Through its overseas arm, ONGC Videsh Ltd, the company holds a 40 percent interest in the San Cristobal oil project and an 11 percent stake in the Carabobo project. The license facilitates the recovery of pending dividends exceeding USD 500 million and allows for the movement of capital, personnel, and contracting under a clear compliance framework.

ONGC director-finance Anupam Agarwal stated that the company now has “full freedom to work on the Venezuela project” and that previous risks “are behind us.”

Building on this regulatory clearance, ONGC is planning to invest approximately $200 million to revitalize the San Cristóbal oil field in Anzoátegui state. Negotiations are currently underway with Venezuela’s state oil company, PDVSA, regarding a proposed ownership structure where PDVSA would hold a 60 percent stake and ONGC a 40 percent stake. Under the discussed terms, the Indian firm would finance the initial operational costs required by the Venezuelan side, with the loan to be repaid through the future sale of extracted crude oil. The project aims to significantly increase production at the San Cristóbal complex, which currently produces between 4,000 and 5,000 barrels per day, down from a historical peak of 45,000 to 50,000 barrels per day.

Entities

Office of Foreign Assets Control · Oil and Natural Gas Corporation · San Cristóbal · Petróleos de Venezuela, S.A. · Venezuela

Timeline

  1. 2 days ago

    [BUSINESS] 2 sources
    ONGC plans $200 million investment in Venezuela oil field

    India's ONGC plans to invest $200 million to revive Venezuela's San Cristóbal oil field, utilizing a US OFAC license to boost production through a partnership with PDVSA.

  2. 10 days ago

    [BUSINESS] 2 sources
    ONGC secures US license to resume full oil operations in Venezuela

    ONGC has obtained a US OFAC license to resume full oil operations in Venezuela, enabling new investments, increased production, and the potential recovery of $500 million in pending dividends.

  3. 12 days ago

    [BUSINESS] 8 sources
    ONGC secures US license to resume full operations in Venezuela

    ONGC has secured a US Treasury license to resume full operations in Venezuela, enabling it to manage finances, recover over USD 500 million in dividends, and potentially expand production and operatorship.

Sources

2001online.com · ad-hoc-news.de · alertas24.com · cumbernauld-media.com · el-carabobeno.com · elestimulo.com · indiandefensenews.in · news18.com · noticiasaldiayalahora.co · oilprice.com · primicia.com.ve · whimsysoul.com

This summary has been updated 1 time: see revision history