Key facts
- ONGC holds 40% of San Cristobal, with PDVSA owning the remaining 60%, and expects full operatorship there.
- At Carabobo 1, ONGC and other Indian companies hold a combined 18%, while Repsol holds 11%.
- ONGC is owed more than $500 million in dividends at the two projects, which it does not operate.
- Agarwal said the proposed agreements could also let ONGC acquire interests in additional Venezuelan fields.
- Rystad Energy estimates Venezuela could produce 1.6 million barrels per day by 2028 and 1.8 million bpd by 2030.
- Only two drilling rigs were active in Venezuela as of August, per Baker Hughes data cited by Rystad; about 50 would be needed by 2028.
India's state-owned Oil and Natural Gas Corp. is negotiating to take over operations at two Venezuelan oil projects within six months, its finance chief Anupam Agarwal told analysts on November 6, 2026. The company's overseas arm, ONGC Videsh, is in advanced discussions with Venezuelan and U.S. authorities and expects agreements to be finalized within three to six months.
ONGC holds investments in the San Cristobal and Carabobo 1 projects but does not operate them. The proposed agreement would see ONGC operate the fields and market their production while addressing outstanding dividend payments. At San Cristobal, ONGC holds 40% and PDVSA owns the remaining 60%, with ONGC expecting full operatorship. At Carabobo 1, the arrangement would be shared with other investors: ONGC and other Indian companies hold a combined 18%, while Spain's Repsol holds 11%.
Agarwal said the proposed agreements could also allow ONGC to acquire interests in additional Venezuelan fields. Details of the outstanding dividend settlement have yet to be finalized.
The talks come as Venezuela works to restore an oil industry long constrained by underinvestment and operational problems. Chevron has outlined more than $7 billion in Venezuelan investment over five years, while Eni and Repsol have secured expanded operating roles.
Rystad Energy estimates Venezuela could produce 1.6 million barrels per day by 2028 and 1.8 million bpd by 2030, provided investment and oilfield services expand substantially. Only two drilling rigs were active in the country as of August, according to Baker Hughes data cited by Rystad; roughly 50 would be needed by 2028 to support its production forecast.