ONGC Videsh Reviews Venezuelan Oil Assets After US Sanctions Lift

A delegation from ONGC Videsh Ltd. arrived in Venezuela on September 2, 2026, to review oil assets and negotiate a framework agreement. The company seeks to become the operator of the San Cristobal and Carabobo-1 projects, in which it holds stakes of 40% and 11% respectively. This move follows a July decision by the United States government to remove sanctions-related restrictions on the firm.

Managing Director Rajarshi Gupta is overseeing negotiations for fiscal and operating terms. Gupta stated that the company believes both assets have a substantial chance of multiplying production and expects the framework agreement and follow-up detailed agreements to happen sooner than later.

The visit coincides with broader efforts to stabilize global crude prices. US Energy Secretary Chris Wright visited Venezuela to announce deals aimed at ramping up oil field production. Simultaneously, the United States announced a partnership with entrepreneur Alejandro Betancourt to take control of 65 billion barrels of Venezuelan oil reserves.