ONGC Videsh, the overseas arm of the Indian producer, currently holds a 40% stake in the San Cristobal field and an 18% interest in the Carabobo-1 heavy oil project. Agarwal noted that Venezuela’s updated petroleum law provides fresh incentives for foreign capital, allowing the company to shed previous risk-averse policies. The move signals a pivot back into high-stakes international production, bolstered by the company's recent success in restoring its full 20% stake in Russia’s Sakhalin-1 project.
India’s ONGC Eyes Direct Control Over Venezuelan Oil Assets
After years of operating under the shadow of U.S. sanctions, India’s state-owned ONGC is moving to seize direct control of two Venezuelan oil projects. Finance Director Anupam Agarwal confirmed the company is finalizing agreements that would strip PDVSA of its operational lead, marking a major shift in South American energy strategy.
That recovery has already yielded financial gains, with Sakhalin-1’s quarterly revenue contribution to ONGC climbing to 10 billion rupees, nearly double its previous output. Despite this momentum in Russia, the Venezuelan landscape remains volatile. While India significantly increased its intake of Venezuelan crude earlier this year, imports dipped by 50% in June as Asian buyers pivoted toward more stable Middle Eastern supply chains. Kpler data indicates total Venezuelan exports fell 25% in July, underscoring the competitive pressure ONGC faces as it attempts to deepen its footprint in the region.
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