ONGC Moves to Take Over Venezuelan Oilfields, Recover $500 Million

India’s state-owned Oil and Natural Gas Corp. ONGC is negotiating to take over operations at two Venezuelan oil projects within six months, a move that could give it control over production and sales at fields where it is owed more than $500 million in dividends. S. authorities, finance chief Anupam Agarwal told analysts Friday. The company expects agreements to be finalized within three to six months.

ONGC currently holds investments in the San Cristobal and Carabobo 1 projects, although it 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%, with Venezuela's state oil company PDVSA owning the remaining 60%. ONGC expects full operatorship there.