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
IAS Tirumani Sri Pooja
IAS Tirumani Sri Pooja Assumes Charge as Project Officer of Paderu ITDA, Pledges to Boost Tribal Development in ASR District
mohan yadav
World EV Day 2025: CM Mohan Yadav Pushes Madhya Pradesh to Become India’s EV Manufacturing Hub
mohan yadav
MP: CM Mohan Yadav to Transfer ₹175 Crore Assistance to Workers’ Families under Sambal Scheme In Bhopal
coal-India-limited-scaled
Coal India Explores Setting Up Data Centres in Decommissioned Mines to Boost Digital Capacity
OMC
OMC Launches LeaDHer 2025 to Empower Women Leaders, Building Skills and Fostering Inclusivity Across the Organization
fake IPS
Fake IPS Officer Arrested in Hajipur: Aslam Ahmed Used ADG Email to Extort Government Employees- Know More
CONCOR Logo Resized
CONCOR Appoints Anita Barik as Group General Manager (C&O), Strengthening Senior Leadership Team
MP-Police-
Madhya Pradesh Government Transfers 20 Senior IPS Officers; Lalit Shakyawar to DIG Police HQ, Monika Shukla to DIG Ratlam Range- Check All Name Here
ADVERTISEMENT
ADVERTISEMENT
Videos
IPS Shikha Goel
How Modern Forensics Helps Police Solve Crimes – IPS Officer Shikha Goel Explains | Video Interview
IPS Shikha Goel
Decoding Digital Dangers: Insights from IPS Shikha Goel on Cyber Crimes
IPS Mukesh Kumar Bhamoo
Managing Elections, Communal Tensions, and Public Safety – Meet IPS Mukesh Kumar Bhamoo | Video Interview
ADVERTISEMENT
UPSC Stories
Ishwarlal Gurjar UPSC
10th Grade Failure to Indian Police Service: Ishwarlal Gurjar’s UPSC Success Path
Read the inspiring journey of Ishwarlal Gurjar from a small village in Rajasthan to becoming an IPS officer....
IAS Minnu P M
“Lazy, Sleepy, Yet Determined”: Minnu P M’s Honest Take on Cracking UPSC
Minnu PM, once a clerk in Kerala Police, cleared UPSC with AIR 150 after five years of struggle. Her...
IPS Ashish Tiwari
From IIT and Investment Banking to Public Service, Meet IPS Ashish Tiwari 
Ashish Tiwari, IIT graduate and former investment banker, chose public service over global finance. As...
Social Media
IAS Medha Roopam
IAS Medha Roopam’s Inspiring Dedication in Flood-Hit Noida Goes Viral: Focuses on Relief, Education Amid Heavy Rains
Books in One Hand, Umbrella in Other: Noida DM Medha Roopam Leads Flood Relief from the Front
IAS Sakshi Sawhney Amritsar DC
Punjab Floods: IAS Sakshi Sawhney’s Emotional Appeal to Elderly Man Wins Hearts, Video of Humanity Goes Viral
Viral Video Captures Emotional Moment as Amritsar DC Shows Sensitivity and Courage Amid Relief Effor...
Masahiro Hara
From Go Board to Global Use, How QR Codes Changed the World: IRAS Officer Ananth Rupanagudi Spotlights Masahiro Hara’s Vision
IRAS officer Ananth Rupanagudi shared a video on Masahiro Hara, the inventor of QR codes, highlighting...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
IAS Tirumani Sri Pooja
IAS Tirumani Sri Pooja Assumes Charge as Project Officer of Paderu ITDA, Pledges to Boost Tribal Development in ASR District
mohan yadav
World EV Day 2025: CM Mohan Yadav Pushes Madhya Pradesh to Become India’s EV Manufacturing Hub
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
IPS Shikha Goel
IPS Shikha Goel
IPS Mukesh Kumar Bhamoo
ADVERTISEMENT
ADVERTISEMENT