The official said OVL received its dividend from sale of crude oil produced from the field totaling $56.224 million for 2008. During 2015-16, OVL’s share of crude oil production was 0.585 million tonnes as compared to 0.645 million tonnes during the previous fiscal. Since PDVSA is facing a cash crunch, OVL wants its share of revenue from the field be paid in form of crude oil. Another option was to deduct the outstanding from the money Indian firms like Reliance Industries Ltd and Essar Oil pay to import crude oil from Venezuela. Venezuela is India’s fourth largest source of crude oil, supplying some 23.6 million tonnes or 12% of the country’s annual import in 2015-16.

Source: Mint September 18, 2016 15:33 UTC