ONGC Seeks Venezuelan Oil Project Operatorship
India's ONGC expects to secure operatorship of two Venezuelan oil projects within six months. The firm aims to recover over $500 million in pending dividends and expand its operational footprint in the region.
Insights:
India's top explorer Oil and Natural Gas Corp expects to secure operatorship rights for two Venezuela oil projects within three to six months. Finance head Anupam Agarwal stated on Friday that the firm is in advanced talks with officials in Caracas and the United States to finalize the transition. The agreement marks a strategic shift for the state-backed explorer from a passive investor to an active operator.
