India’s Oil and Natural Gas Corp hopes to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased, a source said on Thursday.
The source declined to be named due to sensitivity of the matter.
The Biden administration on Wednesday eased sanctions on Venezuela’s oil sector after the government and opposition parties reached a deal for the 2024 election, in the most extensive rollback of Trump-era restrictions on Caracas.
U.S. sanctions had hit Venezuela’s finances and oil output, leading to accumulation of dividend for foreign companies such as ONGC.
ONGC, through its overseas investment ONGC Videsh, holds 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in Carabobo area-1.
ONGC would like to sell its share of oil from the Venezuela field to whoever offers the best price, the source said, adding lifting of sanctions has ignited hopes for a recovery of pending dividend.
With inputs from Reuters