ONGC Videsh (OVL), the overseas subsidiary of Oil and Natural Gas Corporation (ONGC), is engaged in ongoing discussions with the Venezuelan government to accept crude shipments as a means to settle its outstanding dividends.
Additionally, the company is pursuing the possibility of assuming operatorship for its two existing projects in Venezuela and intends to bolster its investments to enhance production. With Venezuela boasting the world’s largest proven oil reserves, OVL aims to amplify its commitments to its international projects, which will contribute to its overall output.
As reported by Financial Express, the company is still in the process of determining the extent of investment required for these endeavours. OVL currently maintains a 40% stake in the San Cristobal field in eastern Venezuela, with the Venezuelan entity PdVSA holding the remaining shares.
The Carabobo exploratory project constitutes the other venture. Furthermore, OVL anticipates initiating the construction of its LNG trains in Mozambique by March 2024, encouraged by an improved supply landscape and ongoing negotiations to lift the force majeure in order to commence construction.
