ONGC Videsh to restart San Cristobal and Petrocarabobo in Venezuela
Business
ONGC Videsh Ltd. (OVL), the global arm of India's Oil and Natural Gas Corporation, is gearing up to restart its oil projects in Venezuela.
This comes after Venezuela updated its laws to welcome more foreign investment, opening the door for OVL to revive its long-paused stakes in the San Cristobal and Petrocarabobo oil fields.
ONGC Videsh owed $900 million+, repatriation allowed
OVL is owed more than $900 million in unpaid dividends from these projects, but new rules now let foreign companies send profits home and restore oil and gas lifting rights.
For now, Venezuelan officials want everyone focused on boosting production before cashing out.
OVL is currently assessing its sites and planning a comeback strategy, though working in Venezuela still brings some challenges.