ONGC currently has investments in the San Cristobal and Carabobo 1 projects but does not operate them. Under the proposed agreements, it would run the fields and market their output, with arrangements to address outstanding dividend payments. The terms of any settlement have not been finalized.

At San Cristobal, ONGC owns 40% and Venezuela’s state oil company, PDVSA, holds the remaining 60%. ONGC expects to become the project’s sole operator. At Carabobo 1, operations would be shared with other investors: ONGC and other Indian companies together hold 18%, while Spain’s Repsol owns 11%.

Agarwal said the agreements could also enable ONGC to acquire stakes in additional Venezuelan fields. The talks come as Venezuela seeks to revive an oil industry constrained by underinvestment and operational problems. Chevron has outlined more than $7 billion in Venezuelan investment over five years, while Eni and Repsol have obtained expanded operating roles.

Rystad Energy estimates Venezuela could produce 1.6 million barrels per day by 2028 and 1.8 million bpd by 2030 if investment and oilfield services expand substantially. But rebuilding capacity will require a major increase in drilling activity. Baker Hughes data cited by Rystad showed only two rigs active in Venezuela as of August; about 50 would be needed by 2028 to support the production forecast.