Under the new agreement between ONGC and the Venezuelan authorities, the Indian company would manage the projects and sell its Venezuelan crude oil production.

Indian oil company Oil and Natural Gas Corp. (ONGC) expects to obtain the rights to operate 2 Venezuelan oil projects within 3 to 6 months.

According to Reuters, ONGC Chief Financial Officer Anupam Agarwal said the company is in advanced talks with the authorities in Venezuela and the US.

ONGC Videsh, ONGC’s international investment arm, has more than US$500 million in unpaid dividends from its stakes in the San Cristóbal and Carabobo 1 projects.

In that regard, the Indian executive highlighted that the outstanding benefits from the two projects in Venezuelan oil fields will be adjusted once the new operating agreements are finalized.

The contract between ONGC and the Venezuelan authorities includes a clause that could allow the Indian oil company to acquire stakes in more Venezuelan oil fields.

Anupam Agarwal emphasized that India's ONGC is expected to take over full operation of the San Cristóbal project, while Carabobo 1 would be operated jointly with other investors.

It is important to note that ONGC owns a 40% stake in the San Cristóbal oil field, while Petróleos de Venezuela S.A. (PDVSA) owns 60%.

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