Economy
ONGC expects to gain Venezuelan project operatorship in three to six months
The Hindu1h
THE BRIEF
1
ONGC Videsh is in advanced talks to acquire operatorship of Venezuela's San Cristobal and Carabobo crude oil projects within three to six months.
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The company holds a 40% stake in San Cristobal and 11% in Carabobo, with necessary approvals and OFAC clearances at advanced stages.
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Securing operatorship will allow ONGC Videsh to offtake and sell crude directly, helping recoup over $500 million in dividends currently stuck in Venezuela.