Rajarshi Gupta, Managing Director of ONGC Videsh (OVL) on Friday said that the company is in the advanced stage of discussions with the US for a waiver to regain control of oil fields from Venezuela.
Addressing the media, Gupta said that the OVL has made a request for a specific license that allows them to operate two projects in Venezuela, as US oil major Chevron has. “If approved, we will not be subject to sanctions and will be able to operate the projects using US entities, US currency, US banking systems, etc.,” he said.
He added that approval of the request would enable the company to manage the finances of its Venezuelan projects and help it recover a pending dividend of more than USD 500 million. OVL has a stake in two fields in Venezuela, San Cristobal and Carabobo-1 but its dividends have been stuck due to US sanctions against the country
The current total production from the two fields in Venezuela is 12,000-15,000 barrels per day (bpd) and is expected to reach 45,000 bpd in few years. OVL holds a 40 per cent stake in the San Cristobal project whereas in the Carabobo project, it holds an 18 per cent stake along with other Indian companies.
