ONGC seeks oil in place of $537m due from Venezuela

NEW DELHI: ONGC Videsh Ltd, the overseas arm of stateowned Oil and Natural Gas Corp (ONGC), is seeking $537 million (₹3,600 crore) worth of crude oil in lieu of

NEW DELHI: ONGC Videsh Ltd, the overseas arm of stateowned Oil and Natural Gas Corp (ONGC), is seeking $537 million (₹3,600 crore) worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40% of the San Cristobal field and had invested about $190 million (₹1,300 crore) in the project in 2008. State-run PDVSA, holds the remaining stake. “We have not been paid for our share of oil from the field for last few years,” a company official said.

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