US Action in Venezuela: India Eyes $1 Billion Recovery, Boosted Oil Output
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CNBC Awaaz•04-01-2026, 15:31
US Action in Venezuela: India Eyes $1 Billion Recovery, Boosted Oil Output
- •India could recover nearly $1 billion in dues from Venezuela and boost oil production if the US restructures Venezuela's oil sector.
- •ONGC Videsh Limited (OVL) is owed approximately $1 billion, including $536 million in dividends from the San Cristobal project.
- •US sanctions halted India's crude imports from Venezuela in 2020 and severely impacted OVL's production at San Cristobal.
- •Lifting sanctions could rapidly increase San Cristobal's output from 5,000-10,000 bpd to 80,000-100,000 bpd.
- •Indian companies like OVL, IOC, and Oil India could also benefit from increased production in other fields like Carabobo-1, and India could resume major crude imports.
Why It Matters: US action in Venezuela could help India recover $1 billion and restart significant oil imports and production.
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