Commodities

ONGC Seizes Opportunity to Operate Venezuelan Oil Fields

Guavy AI Editorial Team Published August 5, 2026

Instruments

Oil Natural Gas

India's Oil and Natural Gas Corporation (ONGC) is poised to take control of two Venezuelan oil projects from state-owned PDVSA. This move would give ONGC direct operational control over assets with the world's largest proven crude oil reserves.

According to Reuters, ONGC expects to sign new agreements 'very soon' under Venezuela's new petroleum law after years of limiting its activities due to U.S. sanctions.

ONGC Videsh currently holds a 40% stake in the San Cristobal oil field and an 18% interest in the Carabobo-1 heavy oil project with other Indian companies. Finance Director Anupam Agarwal said Venezuela's new petroleum law offers additional incentives for foreign investors.

'Now we have full freedom to work on the Venezuela projects,' Agarwal stated, 'Earlier, we were restricting our operations there because of the sanctions-related risk.'

ONGC Seizes Opportunity to Operate Venezuelan Oil Fields

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