NEW DELHI: Easing of US sanctions on Venezuela has raised hopes of state-run ONGC Videsh (OVL) recovering some $413 million dividend from the San Cristobal oilfield in the South American country, people in the know said on Thursday.
OVL holds 40% stake in the field in eastern Venezuela’s Orinoco heavy oil belt. It is operated jointly by ONGC Videsh and Venezuela’s national oil company PdVSA (Petroleos de Venezuela SA).OVL and PdVSA had in November 2016 signed two agreements for redevelopment of the project.