ONGC Set to Operate Venezuelan Oil Blocks in Strategic Energy Push
What Happened
India's state-owned energy giant ONGC Videsh is expected to sign agreements to operate two oil blocks in Venezuela, potentially taking over operatorship from Venezuela's state oil company PDVSA. The move follows the receipt of a U.S. authorization that allows ONGC Videsh to work on oil and gas projects in the sanction-hit country.
Key Takeaways
Venezuela holds the world's largest proven crude oil reserves, and direct operatorship would give India greater control over production, investment decisions, and future output.