For all latest news, follow the Daily Sun's Google News channel.
India’s ONGC set to take control of two key Venezuelan oil projects
The move will allow the state-run company to sell crude directly on global markets and help recover $500 million in outstanding dividends
Daily Sun Report, Dhaka
Published: 09 Nov 2026, 12:03 PM
Photo: Collected
India's state-run ONGC Videsh is expected to take operational control of two major oil projects in Venezuela within the next three to six months, strengthening New Delhi's position in the global energy market, Indian newspaper The Hindu reported on Sunday.
Under the proposed arrangements, ONGC Videsh will assume sole operational responsibility for the San Cristobal oil project, in which it holds a 40% stake.
The company will jointly operate the Carabobo-1 project alongside its other partners, according to the report.
Until now, the right to sell oil produced in Venezuela had remained exclusively with the country's state-owned oil company. The new arrangements will allow ONGC Videsh to produce crude and sell it directly on the international market.
The move is also expected to facilitate the recovery of around $500 million in outstanding dividends owed to the Indian company through oil sales, the report said.
The company has reportedly secured the necessary approvals from the relevant US authorities to proceed with the arrangements.