ONGC eyes operatorship of two Venezuela oil projects in six months, seeks recovery of $500 million dues
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Oil and Natural Gas Corp hopes to get rights to operate two Venezuelan oil projects in three to six months.
- ✓Finance head Anupam Agarwal said on Friday that the firm seeks recovery of $500 million in pending dividends.
- ✓ONGC currently holds stakes in the San Cristobal and Carabobo 1 fields.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
India's top explorer Oil and Natural Gas Corp hopes to get rights to operate two Venezuelan oil projects in three to six months as it is in advanced talks with the Venezuelan and US authorities, its head of finance Anupam Agarwal said on Friday on an analyst call. ONGC Videsh, the overseas investment arm of ONGC, has over $500 million in pending dividend from its stakes in the two projects: San Cristobal and Carabobo 1 field The pending dividend from the two projects will be adjusted after the new operatorship agreements are finalised, Agarwal said Under the new arrangement, the Indian company -- previously only an investor -- would operate the projects and sell their output.
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