ONGC seeks more stakes in Venezuela's San Cristobal and Carabobo-1
India's ONGC is looking to buy more stakes in two major Venezuelan oil fields (San Cristobal and Carabobo-1) from the country's state oil company, PDVSA.
The move would happen through ONGC Videsh, its global arm.
Right now, ONGC Videsh owns 40% of San Cristobal and 11% of Carabobo-1, while PDVSA holds most of the rest.
ONGC needs US license in Venezuela
If the deal works out, ONGC could fully run San Cristobal and co-manage Carabobo-1 with Spain's Repsol.
Both fields have been struggling with low output lately, so ONGC wants to nearly double (or increase to 30,000 barrels per day) within a year, and eventually hit up to 50,000 barrels per day.
That boost could help recover over $500 million in unpaid dividends.
But before anything happens, ONGC needs a US license to operate in Venezuela; recent approvals for other companies make it hopeful it will get one, too.