NEW DELHI: Easing of US sanctions on Venezuela has raised hopes of state-run ONGC Videsh (OVL) recovering some $413 million dividend from the San Cristobal oilfield within the South American nation, individuals within the know stated on Thursday.
OVL holds 40% stake within the area in japanese Venezuela’s Orinoco heavy oil belt. It’s operated collectively by ONGC Videsh and Venezuela’s nationwide oil firm PdVSA (Petroleos de Venezuela SA).OVL and PdVSA had in November 2016 signed two agreements for redevelopment of the venture.
OVL holds 40% stake within the area in japanese Venezuela’s Orinoco heavy oil belt. It’s operated collectively by ONGC Videsh and Venezuela’s nationwide oil firm PdVSA (Petroleos de Venezuela SA).OVL and PdVSA had in November 2016 signed two agreements for redevelopment of the venture.
