ONGC Videsh seeks to secure operatorship of two Venezuelan oil fields to unlock $500 million in unpaid dividends, marking a strategic shift in its South American asset management.
ONGC Videsh is in advanced talks to take operatorship of the San Cristobal and Carabobo 1 fields in Venezuela within three to six months, which would let it control production and sales and recover more than $500 million in unpaid dividends. Recovering this receivable and gaining operatorship would improve the value of its Venezuelan assets, but details of the dividend settlement are not finalized and agreements are only expected within months, not days.
ONGC is negotiating to operate the San Cristobal and Carabobo 1 projects, where it holds 40% and shares an 18% combined stake respectively, and to market their output while recovering more than $500 million in owed dividends. Deals are expected within three to six months.
No. ONGC's finance chief said talks are advanced with Venezuelan and U.S. authorities, but the dividend settlement details have yet to be finalized and agreements are expected within three to six months.
Rystad Energy estimates Venezuela could produce 1.6 million barrels per day by 2028 and 1.8 million bpd by 2030 if investment and oilfield services expand, with Chevron committing more than $7 billion and Eni and Repsol expanding roles. Rising Venezuelan supply over such horizons would be a modest bearish factor, though the near-term effect is minimal given only two active rigs and rebuilding challenges.
The article suggests Venezuela could reach 1.6 million bpd by 2028 and 1.8 million bpd by 2030, but only with substantial new investment. With just two active rigs as of August, the rebuild is a long-term prospect rather than a near-term supply factor.
India's state-owned Oil and Natural Gas Corporation (ONGC) is in advanced talks to assume operational control of the San Cristobal and Carabobo 1 oil projects in Venezuela. By taking over production and sales, the company aims to recover over $500 million in outstanding dividends. Agreements are expected to be finalized within three to six months, pending negotiations with both Venezuelan and U.S. authorities.
ONGC is negotiating to operate the San Cristobal and Carabobo 1 projects and market their output, which would allow the company to recover more than $500 million in owed dividends.
No. ONGC's finance chief confirmed that while talks are advanced, the dividend settlement details are not yet finalized and agreements are expected within three to six months.