ONGC Videsh (OVL), the overseas arm Oil and Natural Gas Corporation (ONGC), is in further discussions with the Venezuelan government to take crude cargoes in order to liquidate its pending dividends, chairman and MD Rajarshi Gupta said. The company is also seeking to get the operatorship of its two ongoing projects in Venezuela and invest more in order to increase production, he added.
“Currently, we have a joint operatorship (with PdVSA). Going ahead, we will have more say,” Gupta said. With the US sanctions on Venezuela easing, these negotiations come as part of the company’s strategy to boost its overseas production and gain control of Venezuelan assets.
