ONGC VIDESH EYES ON TWO VENEZUELA OIL PROJECTS ; KNOW WHAT FINANCE HEAD ANUPAM AGARWAL SAID ON $500 MN DIVIDEND

What happened: ONGC Videsh is in advanced talks with Venezuelan and US authorities to secure operatorship rights for the San Cristobal and PetroCarabobo oil projects, finance head Anupam Agarwal said on an analyst call. Key numbers: Deal expected in three to six months. ONGC holds 40 percent of San Cristobal, with PDVSA holding the rest. Why it matters: The agreements would give OVL, previously only an investor, control over field operations, production, marketing and revenue handling, and include a clause that could allow ONGC to take stakes in more Venezuelan fields.

ONGC Videsh is in advanced talks with Venezuelan and US authorities to secure operatorship rights for the San Cristobal and PetroCarabobo oil projects, finance head Anupam Agarwal said on an analyst call.

The agreements would give OVL, previously only an investor, control over field operations, production, marketing and revenue handling, and include a clause that could allow ONGC to take stakes in more Venezuelan fields.