The company holds a 40% stake in the San Cristobal field and an 11% interest in Petrocarabobo. While the San Cristobal project remains the priority for recovery planning, executives indicate that the broader economic environment in Caracas has improved enough to warrant a formal re-entry strategy. This shift aligns with broader industry trends, as international players resume activity following recent U.S. Treasury guidance that eased commercial constraints on oil and gas extraction.
India’s ONGC Eyes Return to Venezuelan Oil Fields
After years of dormancy, ONGC Videsh Ltd is weighing a return to its onshore Venezuelan assets, signaling renewed interest in the Orinoco belt as Washington softens its stance on local energy sanctions. The Indian state-owned firm seeks to re-establish operations despite an outstanding $900 million in unpaid dividends from PDVSA.
Energy Minister Hardeep Singh Puri recently confirmed India’s appetite for expanded Venezuelan cooperation during talks with Vice President Delcy Rodriguez. The move comes as Venezuela’s export volume reaches a seven-year peak, buoyed by shipments to both the U.S. and India. While full sanctions remain in place, the current climate allows firms like ONGC to navigate a market now dominated by major trading houses such as Vitol and Trafigura.
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