India Energy Week 2024: OVL likely to lift more crude from Venezuela

Discussions underway to inject more investments into both of OVL's projects in Venezuela

ONGC Videsh (OVL) is in advanced-level talks with Venezuela to consistently procure crude oil cargoes in lieu of its massive amount of dividends stuck in the country, OVL Managing Director and Chief Executive Officer (CEO) Rajarshi Gupta told reporters on the sidelines of the ongoing 2024 India Energy Week.

The overseas arm of the domestic state-owned exploration and production company Oil and Natural Gas Corporation (ONGC), OVL is also set to put in more investments in its stalled projects in the South American country.

“We have taken crude in lieu of dividends after sanctions were lifted.