ONGC Videsh’s eyes on two Venezuela oil projects; know what finance head Anupam Agarwal said on $500 mn dividend
The Oil and Natural Gas Corporation Limited (ONGC) finance head, Anupam Agarwal, reportedly said on Friday that ONGC Videsh's (OVL) pending $500 million in dividends from two projects in Venezuela are likely to be adjusted once new operator agreements are finalised.
ONGC Videsh, the overseas investment arm of ONGC, has over $500 million in pending dividend from its stakes in the two projects: San Cristobal and Carabobo 1 field.
India's top explorer ONGC hopes to secure rights to operate two Venezuelan oil projects within three to six months, as it is in advanced talks with Venezuelan and US authorities, its head of finance, Anupam Agarwal, said on Friday during an analyst call.
According to the report, ONGC Videsh is exploring the possibility of securing operatorship rights for two Venezuelan oil projects — San Cristobal and PetroCarabobo — and is in advanced talks with the Venezuelan govt and US authorities.
During an analyst call following its Q2 financial results, the company reportedly said the arrangement is likely to be finalised in three to six months.
"The pending dividend from the two projects will be adjusted after the new operatorship agreements are finalised," Agarwal was quoted by PTI as saying.
The proposed agreements would give OVL — previously only an investor — greater control over field operations, production, marketing and handling of revenues. Under the new arrangement, the Indian company would operate the projects and sell its output.
The new arrangement also includes a clause that could allow ONGC to take stakes in more Venezuelan fields, Agarwal said.
Agarwal said ONGC is expected to get full operatorship of the San Cristobal project, in which it holds 40 percent and Venezuelan state oil company PDVSA holds the rest, while for PetroCarabobo it would be a joint operatorship with other investors.
In the Carabobo project, ONGC and other Indian companies hold an 18 percent stake while Spain's Repsol has 11 percent, PTI reported.
Agarwal also said production from Russia's Sakhalin-1 project, in which ONGC holds 20 percent, averaged about 183,000 barrels per day in April-September, similar to the level recorded before Russia's invasion of Ukraine in 2022.
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