ONGC seeks control of Venezuela’s San Cristobal, Carabobo fields pending US license
ONGC Videsh, which already holds 40% of San Cristobal and 11% of Carabobo‑1, is negotiating to buy PDVSA’s remaining stakes, aiming to become sole operator of San Cristobal and joint operator of Carabobo. The deal hinges on a US licence, but could lift output to 30,000 bpd and free over $500 million in stranded dividends.