ONGC Nears Operator Role in Venezuelan Oil Projects
State-run ONGC expects to take over operatorship rights in Venezuelan oil projects within three to six months. It already holds a 40% interest in the San Cristobal project and an 11% stake in the Carabobo project. Operatorship means running day-to-day work on a field, so the change would give ONGC a larger hands-on role.
Context
Context: ONGC is India's largest state-run oil and gas explorer, and it has invested abroad to secure crude supply for the country's large import bill. Venezuela holds some of the world's largest proven oil reserves.
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