India’s ONGC nears operational takeover of two Venezuelan oil projects, gaining direct access to the world’s largest crude reserves.
India’s state-owned ONGC is finalizing agreements to take over operation of two Venezuelan oil projects from PDVSA, securing direct control over assets in the world’s largest proven crude oil reserves. The move follows Venezuela’s new petroleum law and years of restricted activity due to U.S. sanctions, according to recent disclosures.
ONGC had previously limited its involvement in Venezuela but is now advancing under revised terms. The shift aligns with Venezuela’s efforts to attract foreign investment amid easing geopolitical pressures. No financial details or timelines were disclosed.
The development signals India’s expanding footprint in global energy markets, though operational risks persist due to ongoing sanctions and political uncertainty in Venezuela.