ONGC Videsh Explores Oil Allocation to Recover $600 Million Dividend from Venezuelan Project

3 Jan 2024 , 02:17 PM

ONGC Videsh is exploring options, including the allocation of oil by Venezuela’s PdVSA, to repatriate its pending $600 million dividend for its 40% stake in the San Cristobal field.

The San Cristobal project, located in Venezuela’s Orinoco Heavy Oil belt, owes the dividend to ONGC Videsh, with PdVSA holding the remaining stake.

Indian refiners have resumed purchasing Venezuelan oil following the easing of U.S. sanctions on Venezuela last year.

ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, is engaged in continuous dialogue with PdVSA for dividend recovery, exploring various mechanisms, including crude oil allocation.

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