ONGC Moves to Take Over Venezuelan Oilfields, Recover $500 Million ...Middle East

India’s state-owned Oil and Natural Gas Corp. (ONGC) is negotiating to take over operations at two Venezuelan oil projects within six months, a move that could give it control over production and sales at fields where it is owed more than $500 million in dividends. The company's overseas arm, ONGC Videsh, is in advanced discussions with Venezuelan and U.S. authorities, finance chief Anupam Agarwal told analysts Friday. The company expects agreements to be finalized within three to six months. ONGC currently holds investments in the San Cristobal…

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