Archive · 28 Jan 2026
India Seeks to Unlock OVL's Venezuela Dividends
India is trying to get money that's been stuck for years.
This money is from an oil field in Venezuela where an Indian company, ONGC Videsh Ltd, has a big share.
The US has rules that stop this money from coming to India.
Now, India is talking to both the US and Venezuela to get this money.
They are hoping that recent changes, like the US doing something big in Venezuela, might help them get the money.
The Indian company has been in Venezuela for a long time and has invested a lot there.
But because of these rules, they haven't been able to get their share of the profits.
They are now talking to everyone involved to try and solve this problem.
A team from Venezuela's oil company is coming to India to discuss this issue.
Some experts are not sure if this will be solved quickly, but India is hoping to get the money and maybe even get more oil from Venezuela.
India is engaged in diplomatic talks with the US and Venezuela to unlock $600 million in stalled dividends from OVL's stake in the San Cristobal oilfield.
US sanctions since 2020 have blocked dividends and disrupted production at the oilfield.
OVL has a 40% stake in the San Cristobal oilfield, with the remaining 60% owned by Venezuela's PDVSA.
India's state-run firms had invested about $2.5 billion in Venezuela prior to the sanctions.
Recent geopolitical developments, including a US operation in Caracas, have shifted the diplomatic context and raised hopes for resolving the issue.
- Who
- ONGC Videsh Ltd (OVL), Indian government, US, Venezuela, PDVSA
- What
- Diplomatic efforts to unlock $600 million in stalled dividends from OVL's stake in Venezuela's San Cristobal oilfield
- When
- Talks gaining momentum in recent weeks; PDVSA officials expected in India on 28th January 2024
- Where
- India, Venezuela, US
- Why
- US sanctions on Venezuela's oil sector have blocked dividends and disrupted production
- Amount Stuck
- $600 million
- OVL's Stake
- 40% in San Cristobal oilfield
- US Sanctions
- Since 2020, blocking dividends and production
- India's Investment
- $2.5 billion in Venezuela prior to sanctions
- India's Imports from Venezuela (FY25)
- $364.5 million (crude oil: $255.3 million)
- PDVSA Team Visit
- Expected in India on 28th January 2024
- US Operation in Caracas
- 3 January 2024, captured President Maduro
Sources
Govt-to-govt talks under way to unlock OVL’s stuck Venezuela payments
India engages US, Venezuela to free OVL’s $580 mn dues
India in talks with US, Venezuela over ONGC Videsh’s $600 million stuck dividends