ONGC Videsh Ltd (OVL), the overseas arm of India’s state-run ONGC, is set to expand its oil and gas activities in Venezuela after receiving approval from the US government, the company said.
The firm had been unable to operate at full scale due to US sanctions. With the new clearance, OVL plans to step up investment and raise production in its Venezuelan assets, according to ONGC Finance Director Anupam Agarwal.
OVL holds a 40% stake in the San Cristobal area and an 11% stake in the Carabobo area. The approval is also expected to help the company pursue the release of more than Rs 4,773 crore in pending dividend payments from Venezuela.
In San Cristobal, production in FY2025-26 was reported at 2.65 lakh tonnes of oil and gas—about a tenth of the field’s full capacity. Venezuela has proven crude oil reserves of 30,300 crore barrels, and the company said it aims to further increase output there.
