https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

ONGC Videsh Nears US Approval to Resume Operations in Venezuela, Eyes Increased Oil Production

OVL is close to securing a US license to take operational control of two Venezuelan oil fields, potentially increasing production to 50,000 barrels per day
Indian Masterminds Stories

ONGC Videsh Ltd (OVL), the overseas subsidiary of Oil and Natural Gas Corporation (ONGC), is nearing approval from the US Office of Foreign Assets Control (OFAC) to resume operations in Venezuela. OVL’s Managing Director, Rajarshi Gupta, announced that the company has applied for a specific license to operate two oil fields in Venezuela—San Cristobal and Carabobo-1—where it holds stakes. These fields have been dormant due to Venezuela’s financial crisis and US sanctions, preventing OVL from repatriating around $500 million in dividends.

OVL has been in discussions with both the Venezuelan government and OFAC, seeking the same operational permissions granted to US oil giant Chevron. PDVSA, the Venezuelan state-run company that holds the majority stake and controls operations, has agreed to grant OVL operational control, contingent upon US sanction exemptions.

OVL, which holds a 49% stake in San Cristobal and 11% in Carabobo-1, is prepared to increase its workforce and production capacity in Venezuela once the necessary approvals are secured. Current production from these fields is 12,000-15,000 barrels per day (bpd), with potential to boost output to 45,000-50,000 bpd.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
Indian-Economic-Service IES Officer
Over Half a Dozen IES Officers of 2007 Batch Get Non-Functional Upgradation to JS Level - Details Inside
HUDCO New Logo
HUDCO Ties Up with Bharti Airtel to Strengthen Cybersecurity Framework Under Digital India Mission - Details Inside
IAS Officers Indian Administrative Services
IAS P Hemalatha’s Tenure as Spices Board Secretary Extended; IAS Rakesh Kumar Relieved for Ladakh Posting
judge_tejwinder_singh_1749083014358_1749083018377
From Youngest Judge at 23 to Forced Retirement: Who is Tejvinder Singh, the Man Behind the Kathua Verdict?
MOIL
MOIL Achieves Record May Output with 1.71 Lakh Tonnes of Manganese Ore
telangana-police-resized
Telangana: Govt Reshuffles Senior IPS Officers, Appoints New Heads Across Key Depts, Abhilasha Bisht Made Director, Police Academy
Vanam-Manam Andhra Pradesh forest
World Environment Day 2025: Vanam-Manam Pushes Green Drive, But Andhra Pradesh Faces Rising Forest Loss – Global Report
Powergrid1 Power Grid
POWERGRID Acquires MEL Power Transmission Ltd for Rs 8.53 Cr to Boost Madhya Pradesh Transmission Infra via TBCB Route
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
Monika Singh’s Life Beyond the Bureaucracy | Video Interview 
IAS Tushar G Nikhare
Modernising Governance: A Digital Transformation in Gangtok
IMG-20250523-WA0036
Abhishek Singh's SECRET: Vipassana, Anthropology & Smart Answer Writing | Video Interview 
ADVERTISEMENT
UPSC Stories
Divyanshu Pal Nagar IFS
5 Years, 5 Mains, 4 Interviews: How Divyanshu Pal Nagar Stumbled in CSE, Triumphed in IFS - A Lesson for Every Aspirant
Divyanshu Pal Nagar’s inspiring five-year UPSC journey shows how perseverance, disciplined self-study,...
ANUBHAV SINGH UPSC IFS 2024
9 Years, 8 Attempts, 7 Failures: How Anubhav Singh Cracked UPSC IFS 2024 with AIR 3 Against All Odds | Exclusive
Anubhav Singh’s inspiring journey to UPSC IFS Rank 3 showcases relentless perseverance, strategic preparation,...
Jogender Sihag
“I Cleared UPSC, But My Grandfather isn’t Here to Hear it,” Jogender Sihag, AIR 521, UPSC CSE 2024
"Life is short; make the most of it, whether in civil service or any other field. Just have a clear vision...
Social Media
Tiger jump Sundarban
Stunning Viral Video Shows Royal Bengal Tiger Making Spectacular 30-Foot Leap Across River in Sunderbans - See It Here
Retired Indian Forest Service (IFS) officer Susanta Nanda shared the clip online, which quickly went...
shubham kumar ias marriage
IAS Topper Weds BPSC Topper: Shubham Kumar Marries IRS Officer Priyangi Mehta in Patna; Wedding Video Goes Viral
Topper Couple Alert: Shubham Kumar, Priyangi Mehta’s Wedding Grabs Spotlight in Bihar
parveen kaswan elephant
Elephant Outsmarts Electric Fence! IFS Parveen Kaswan Shares Incredible Video!
In the now-viral 51-second clip, the intelligent giant approaches a wooden pole supporting high-voltage...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
Indian-Economic-Service IES Officer
Over Half a Dozen IES Officers of 2007 Batch Get Non-Functional Upgradation to JS Level - Details Inside
HUDCO New Logo
HUDCO Ties Up with Bharti Airtel to Strengthen Cybersecurity Framework Under Digital India Mission - Details Inside
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
IAS Tushar G Nikhare
IMG-20250523-WA0036
ADVERTISEMENT
ADVERTISEMENT