The company holds a 40% interest in the San Cristobal project and an 11% share in the Carabobo field, both of which were sidelined by long-standing U.S. sanctions. ONGC Videsh, the firm’s international arm, is currently negotiating with the Venezuelan government to potentially assume operational control of these assets. Finance director Anupam Agarwal indicated that the company now possesses the freedom to pursue these opportunities, buoyed by Caracas’s recent updates to its petroleum law designed to attract foreign capital.

This pivot arrives as India aggressively diversifies its crude supply chain to offset volatility in the Middle East. Relying on imports for 90% of its consumption, New Delhi has already ramped up purchases from South America, with Venezuelan crude shipments reaching 427,000 barrels per day in May. As global export projections for Venezuela trend toward 1.5 million barrels daily by 2027, the return of ONGC marks a strategic recalibration for both the Indian energy sector and the regional export landscape.