India’s ONGC Considers Resuming Venezuela Oil Operations

ONGC Videsh Ltd (OVL), the overseas unit of India’s state-owned Oil and Natural Gas Corporation (ONGC), considers reviving operations at its two onshore oil assets in Venezuela as the world’s top crude resource holder is welcoming foreign companies back to its industry.

OVL plans to resume its operations in Venezuela even if it still expects about $900 million in dividends due from state oil firm PDVSA for its stake in the two oil concession assets, Indian outlet Economic Times reported on Tuesday, quoting industry executives…