M&A

M&A

ONGC Videsh in talks to acquire stakes in Venezuela oilfields

Economic Times  

The Oil and Natural Gas Corporation (ONGC) is in talks with Venezuela’s state-run oil company, PDVSA, to acquire either full or partial stakes in two oilfields located in that country.ONGC Videsh, the international arm of the company, currently holds a 40% interest in the San Cristobal field, with PDVSA holding the remainder. In the Carabobo-1 field, the ownership structure includes ONGC Videsh (11%), Indian Oil (3.5%), Oil India (3.5%), Repsol (11%), and PDVSA (71%). ONGC intends to become the sole operator of the San Cristobal field and a joint operator of Carabobo-1 alongside Repsol to gain greater operational and financial control.