# ONGC Videsh Targets Operatorship of Two Venezuelan Oil Projects Company seeks to recover 500 million dollars in dividends through new operational agreements. - **Source:** [mint - companies](https://www.livemint.com/rss/companies) - **Published:** 2026-11-07 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/48b87dbd-b1a5-4aa2-ab2f-0f5597cdfc44 ## Strategic Shift in Venezuela ONGC Videsh is actively seeking to transition from a passive investor to an operator for two key oil projects in Venezuela. Finance head Anupam Agarwal confirmed that the company is in advanced discussions with both Venezuelan and US authorities. This shift aims to secure greater control over field production and revenue management. ## Recovering Pending Dividends The company currently holds over 500 million dollars in pending dividends from its stakes in the San Cristobal and Carabobo 1 fields. Agarwal stated that these outstanding funds are expected to be adjusted once the new operatorship agreements are finalized. This mechanism is central to the ongoing negotiations with the Venezuelan government. ## Timeline for New Agreements ONGC expects the formalization of these new operatorship arrangements within the next three to six months. These agreements would grant the Indian explorer authority over field operations, output sales, and revenue handling. The timeline remains subject to the successful conclusion of advanced talks currently underway with relevant international and local stakeholders. ## Project Ownership Structure For the San Cristobal project, ONGC holds a 40 percent stake, with the remainder owned by the Venezuelan state oil company PDVSA. In the Carabobo 1 field, ONGC and other Indian partners maintain an 18 percent stake, alongside Spain's Repsol, which holds 11 percent. The new deal could potentially allow for future stake expansions. ## Operational Control Objectives The proposed agreements represent a significant change in strategy for the Indian firm, moving beyond simple equity participation. By becoming the operator, ONGC aims to directly manage production and marketing activities. This level of control is intended to mitigate risks and improve the overall efficiency of their investments in the region. ## Global Asset Performance Beyond Venezuela, ONGC continues to monitor its international portfolio, including the Sakhalin-1 project in Russia. The company holds a 20 percent stake in this asset, which recorded an average production of 183,000 barrels per day between April and September. This output level remains consistent with production figures observed prior to the 2022 conflict. ## Navigating Geopolitical Complexities The negotiations involve complex interactions with US authorities, given the existing sanctions landscape affecting Venezuela's energy sector. ONGC's ability to secure operatorship depends on navigating these international regulatory frameworks. The company is prioritizing these discussions to ensure the protection of its capital and the eventual recovery of its long-standing dividend dues. ## Future Growth Implications Success in these negotiations could pave the way for ONGC to acquire stakes in additional Venezuelan fields. By securing operational rights, the company strengthens its footprint in Latin America's energy market. Investors should monitor the upcoming three-to-six-month window to see if these agreements are successfully executed as planned by the management team. ## Sources covering this story - https://www.livemint.com/companies/ongc-videsh-s-eyes-on-two-venezuela-oil-projects-know-what-finance-head-anupam-agarwal-said-on-500-mn-dividend-11794039002471.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._