What did ONGC's finance director say about India's new operatorship prospects in Venezuela's oil blocks?

ONGC's finance director Anupam Agarwal stated that the company now has 'full freedom to work on the Venezuela projects' after earlier restrictions due to sanctions-related risks, and that Venezuela is offering additional incentives under its new petroleum law; he added that ONGC believes 'very soon we will see some positive developments, the new agreements signed, and we are taking over the operatorship for some of those projects from PDVSA.'

How did ONGC regain its stake in Russia's Sakhalin-1 project, and what was the financial impact?

ONGC regained its 20% stake in Russia's Sakhalin-1 project in December after a four-year gap by agreeing to make payments into the Sakhalin-1 abandonment fund in roubles using dividends frozen in Russia; this restoration increased the group's quarterly revenue contribution from the project to about 10 billion Indian rupees ($105.13 million), up from 5–6 billion rupees earlier.

India Eyes Venezuela Blocks Operatorship; Regains Russia's Sakhalin-1 Stake

Aug 5, 2026

State-run ONGC aims to take operatorship of Venezuelan oil blocks and has regained its 20% stake in Russia's Sakhalin-1 project, increasing quarterly revenue contribution to approximately $105 million.

reuters

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