ongcvenezuela

A story that might initially sound like an international energy brief has direct consequences for Venezuelans’ wallets: India’s state-owned Oil and Natural Gas Corp. (ONGC) said it expects to receive the rights to operate two oil projects in the country within three to six months. Its chief financial officer, Anupam Agarwal, said so, according to Reuters, and in practice this means reshuffling contracts, debts, and hierarchies around two oil fields that have been in limbo for years.
At PitbullChain, we don’t read this as just another oil headline. We see it as another piece of the puzzle that determines how much foreign currency comes in, how Venezuelan risk is perceived, and how nervous—or calm—the trader buying and selling USDT every day feels when they wake up.

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.