US Control of Venezuela Oil: India Eyes $1 Billion Dues, Boosted Output
Energy
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CNBC TV18•04-01-2026, 14:48
US Control of Venezuela Oil: India Eyes $1 Billion Dues, Boosted Output
- •A US-led restructuring of Venezuela's oil sector could unlock nearly $1 billion in pending dues for India's ONGC Videsh Ltd (OVL).
- •The move could revive crude production from Indian-operated fields like San Cristobal, which plummeted due to US sanctions.
- •OVL is owed $536 million in dividends up to 2014, plus a similar amount for subsequent periods, from its 40% stake in San Cristobal.
- •With sanctions eased, OVL plans to transfer rigs from Gujarat to San Cristobal, potentially boosting output to 80,000-100,000 bpd.
- •India, a major processor of Venezuelan heavy crude before 2020, could regain a strategic alternative to Middle Eastern oil, enhancing energy security.
Why It Matters: US oversight of Venezuelan oil could free India's $1B dues and revive its oil production interests.
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