ONGC Videsh moves closer to operating two Venezuelan oil projects
ONGC's finance head Anupam Agarwal said operatorship talks are advanced and over $500 million in dividends will be adjusted once deals are signed.
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what happened
India's ONGC Videsh, the overseas arm of ONGC, expects to secure operating rights for two Venezuelan oil projects within three to six months. According to Moody's, finance head Anupam Agarwal said this on an analyst call after the second-quarter results, adding that talks with Venezuelan and US authorities are at an advanced stage.
The San Cristobal and PetroCarabobo projects currently owe ONGC Videsh more than $500 million in unpaid dividends. Agarwal said that amount will be adjusted once the new operatorship agreements are finalised. ONGC expects full operatorship of San Cristobal, where it holds 40%, while PetroCarabobo would be run jointly with other investors.
Agarwal also said output from Russia's Sakhalin-1 project, in which ONGC holds 20%, averaged about 183,000 barrels per day in April to September, close to the pre-2022 level.
why it matters
For the oil market the news is limited in scope: it concerns one Indian operator's position in Venezuela rather than a change in global supply. The key open questions for investors are the timing and terms of agreements that have not yet been signed.
market impact
ONGC and Venezuelan projects: a possible shift to operatorship is a company-specific factor
tags
instruments
sources
- ONGC Videsh's eyes on two Venezuela oil projects; know what finance head Anupam Agarwal said on $500 mn dividend — Moody's, 7 November 2026 at 11:35 UTC
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