NEW DELHI: OVL (ONGC Videsh), an overseas investment arm of state-owned Oil and Natural Gas Corporation, is in talks with the Venezuelan government for proprietorship rights of two of its projects in Venezuela, said a top official of OVL. The company is in discussions to retrieve the remaining $600 million dividend stuck in the country. OVL holds a 40% stake in the San Cristobal field located in eastern Venezuela’s Orinoco Heavy Oil belt, while Venezuela’s state oil company Petróleos de Venezuela SA (PdVSA) holds the remaining stake. In October 2023, the US eased sanctions on Venezuela’s oil. The US enforced severe sanctions on Venezuela to penalise Maduro’s government following his contested re-election in 2018.

Source: Indian Express February 09, 2024 13:41 UTC