ONGC Videsh Moves to Recover $500 Million from Venezuelan Oilfields
· Business · Crude Oil Prices Today | OilPrice
ONGC Videsh, the overseas arm of India's state-run Oil and Natural Gas Corporation, is pursuing the recovery of approximately $500 million in outstanding dividends from its investments in Venezuela. The company holds a 40% stake in the San Cristobal oilfield, a project operated in partnership with the Venezuelan state oil firm PDVSA. Payments to international partners have been delayed for years due to the country's economic instability and international sanctions. ONGC Videsh is now actively engaging with Venezuelan authorities to secure these funds as part of a broader effort to resolve long-standing financial arrears. The company has not provided a definitive timeline for when these payments might be processed.
Why it matters
The recovery of these funds is critical for ONGC Videsh to improve its cash flow from international assets and mitigate the financial impact of long-term exposure to the Venezuelan energy sector.
Read the original report — Crude Oil Prices Today | OilPrice
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