India Eyes $600 Million from Venezuela: 18-Year Oil Dispute Nears Resolution
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News18•27-01-2026, 23:30
India Eyes $600 Million from Venezuela: 18-Year Oil Dispute Nears Resolution
- •ONGC Videsh (OVL) holds a 40% stake in Venezuela's 'San Cristobal' oil field, with earnings stuck for 18 years due to US sanctions.
- •Approximately $600 million (over 5400 crore INR) in dividends are outstanding, potentially reaching $1 billion including subsequent years.
- •Hopes for recovery have risen due to anticipated geopolitical changes in Venezuela by January 2026 and a shift in US stance.
- •Venezuelan state company PDVSA officials are visiting India for discussions during 'India Energy Week' (IEW).
- •Resolution could boost India's energy security, allow OVL to recover dues, and increase oil production tenfold to 100,000 barrels per day.
Why It Matters: India anticipates recovering $600 million from Venezuela's oil fields, enhancing energy security and diversifying oil sources.
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