India’s ONGC Videsh said it is exploring options including allocation of oil by Venezuela’s state oil company PdVSA to repatriate its pending $600 million dividend for a stake in a project in the south American nation.
Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. sanctions last year.
ONGC Videsh (OVL), the overseas investment arm of India’s top explorer Oil and Natural Gas Corporation, holds 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, with PdVSA holding the remainder.
San Cristobal project owes dividend of around $600 million to OVL, the company said in an email to Reuters on Wednesday.
“Post easing of US sanction, OVL is in continuous dialogue with PdVSA for recovery of accrued dividend by various mechanisms including allocation of crude cargoes in lieu of accrued dividend,” it said.