India’s ONGC Eyes Return to Venezuelan Oil Fields

The company holds a 40% stake in the San Cristobal field and an 11% interest in Petrocarabobo. While the San Cristobal project remains the priority for recovery planning, executives indicate that the broader economic environment in Caracas has improved enough to warrant a formal re-entry strategy. This shift aligns with broader industry trends, as international players resume activity following recent U.S. Treasury guidance that eased commercial constraints on oil and gas extraction.

Energy Minister Hardeep Singh Puri recently confirmed India’s appetite for expanded Venezuelan cooperation during talks with Vice President Delcy Rodriguez. The move comes as Venezuela’s export volume reaches a seven-year peak, buoyed by shipments to both the U.S. and India. While full sanctions remain in place, the current climate allows firms like ONGC to navigate a market now dominated by major trading houses such as Vitol and Trafigura.