ONGC to invest $200 million in San Cristobal after US approval

Business Aug 26, 2026

India's ONGC is putting $200 million into bringing Venezuela's San Cristobal oil field back to life.

Production there has crashed from about 50,000 barrels a day to just 4,000 to 5,000.

ONGC Videsh Ltd (OVL), the company's international arm, got special US approval to work in Venezuela despite sanctions.

ONGC seeks $500 million+ unpaid Venezuelan dividends

San Cristobal is a joint project with Venezuela's state oil firm PDVSA: PDVSA owns 60%, ONGC holds 40%.

ONGC will front the cash for both partners, getting paid back through future oil output.

They hope to get production back up, and also recover over $500 million in unpaid dividends stuck in Venezuela.

With this new US license, OVL could explore more opportunities in the country too.