ONGC hopes to operate 2 Venezuelan oil blocks soon
Business
ONGC hopes to soon sign agreements to operate two oil blocks in Venezuela, thanks to new rules in the country.
Through its overseas arm, ONGC Videsh, the company already owns a 40% stake in San Cristobal and, along with other Indian companies, an 18% stake in Carabobo-1.
ONGC Sakhalin revenue about ₹10 billion
ONGC's Finance Director Anupam Agarwal says the team feels ready for this step since it has handled similar projects before.
The new Venezuelan policies also make things smoother for ONGC.
Meanwhile, after regaining its stake in Russia's Sakhalin-1 project last December, ONGC saw its quarterly revenue from there increase to about ₹10 billion, from ₹5 billion-₹6 billion earlier, a solid boost for the company.