India's ONGC secures US license to return to Venezuela
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India's ONGC has secured a U.S. OFAC license to return to Venezuela. The license opens the way to more than $500 million in outstanding dividends from its stakes in the San Cristobal and Carabobo projects.
Key Facts
- ONGC holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project.
- India became the second-largest buyer of Venezuelan crude after the United States, with shipments reaching 427,000 barrels daily in May, a twofold increase on April volumes.
- ONGC Videsh finance director Anupam Agarwal said the overseas arm now had “full freedom” to pursue opportunities in Venezuela after sanctions constraints eased.
- India imports as much as 90% of its crude consumption and has stepped up buying from Russia, Brazil, Venezuela, Nigeria and Angola.
ONGC's Venezuela Return
ONGC’s return to Venezuela opens access to more than $500 million in outstanding dividends from its stakes in the San Cristobal and Carabobo projects. The company is in talks with Venezuela’s government on new partnership deals to take over operatorship of San Cristobal and Carabobo. ONGC Videsh finance director Anupam Agarwal said Venezuela’s new petroleum law offered additional incentives for foreign investors. Agarwal expressed confidence that agreements transferring operatorship of some projects from PDVSA will be finalized soon.
India's Crude Sourcing Shift
India has been buying more crude from Russia, Brazil, and Venezuela to replace lost Middle Eastern barrels amid the continuing blockade of the Strait of Hormuz. The world’s third-largest oil importer has also stepped up buying from Africa’s export majors, Nigeria and Angola, to meet demand. India imports as much as 90% of its crude consumption.
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India's ONGC secures US license to return to Venezuela
