ONGC Videsh set to assume operations of Venezuelan oil projects
ONGC Videsh, the global arm of India's ONGC, is about to take charge of key oil projects in Venezuela after ongoing discussions with local partners and officials.
The deal could be finalized in the next three to six months.
Right now, ONGC Videsh owns 40% of San Cristobal and 11% of Carabobo, while Venezuela's state company PDVSA holds the rest of San Cristobal.
ONGC Videsh can access $500 million+ dividends
Taking over operations means ONGC Videsh can finally access over $500 million in dividends that were stuck due to earlier restrictions.
With more control, it will manage production and sales directly: no more hurdles with exports or payments.
Anupam Agarwal, Director (Finance), also shared that ONGC Videsh has utilized the dividends stuck in the Vankor project to meet their abandonment fund liabilities in the Sakhlin-1 project, showing how ONGC is keeping its international game steady even when things get tricky globally.