NEW DELHI: ONGC’s overseas investment arm ONGC Videsh (OVL) 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 said the arrangement is likely to be finalised in three-to-six months. The proposed agreements would give OVL greater control over field operations, production, marketing and handling of revenues. OVL, which holds a 40% participating interest in the San Cristobal project through a joint venture with PDVSA, expects to become its sole operator and sell its output, while securing joint operatorship of PetroCarabobo, in which it has an 11% stake. Under the new arrangement, the company may also acquire more stakes in more Venezuelan oilfields.ONGC finance head Anupam Agarwal said the company’s pending dividends of $500 million from the two projects are likely to be adjusted after the new operatorship agreements are finalised.Driven by India’s quest for energy security, OVL entered Venezuela to tap into the world’s largest oil reserves but has faced major disruptions.
