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Venezuela's oil, India's energy needs and US sanctions: Explained

Summary by OpIndia
In San Cristóbal (40%) and Carabobo-1 (~18%), ONGC Videsh still has stock. Caracas agreed to pay some of the about $600 million in unpaid oil dividends after 2023–24 flexibility, but additional US tightening forced ONGC to look for its own unique US licenses to operate and collect debts.

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OpIndiaOpIndia
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Venezuela's oil, India's energy needs and US sanctions: Explained

In San Cristóbal (40%) and Carabobo-1 (~18%), ONGC Videsh still has stock. Caracas agreed to pay some of the about $600 million in unpaid oil dividends after 2023–24 flexibility, but additional US tightening forced ONGC to look for its own unique US licenses to operate and collect debts.

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OpIndia broke the news in on Tuesday, September 30, 2025.
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