India's ONGC is set to take over the operation of two Venezuelan oil projects from state-owned PDVSA, granting the Indian producer direct operational control over assets of the world's largest proven crude oil reserves.
ONGC expects to sign new agreements "very soon" under Venezuela's new petroleum law after years of limiting its activities due to U.S. sanctions.
ONGC Videsh currently holds a 40% stake in the San Cristobal oil field and an 18% interest in the Carabobo-1 heavy oil project.
Agarwal stated that Venezuela's new petroleum law offers additional incentives for foreign investors and expressed confidence that agreements transferring operatorship from PDVSA could be finalized soon.
