ONGC Moves to Take Over Venezuelan Oilfields, Recover $500 Million
India’s state-owned Oil and Natural Gas Corp. (ONGC) is negotiating to take over operations at two Venezuelan oil projects within six months, a move that could give it control over production and sales at fields where it is owed more than $500 million in dividends. The company's overseas arm, ONGC Videsh, is in advanced discussions with Venezuelan and U.S. authorities, finance chief Anupam…
ONGC, India's state-owned Oil and Natural Gas Corp., is negotiating to take over operations at two Venezuelan oil projects, potentially gaining control over production and sales at fields where it is owed over $500 million in dividends. The company's overseas arm, ONGC Videsh, is in advanced discussions with Venezuelan and U.S. authorities, with agreements expected to be finalized within three to six months.
ONGC currently holds investments in the San Cristobal and Carabobo 1 projects, with the proposed agreement seeing ONGC operate both fields and address outstanding dividend payments.
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