ONGC Videsh in talks with Russia, US to regain control of projects

ONGC Videsh Limited (OVL) is in an advanced stage of discussions with the United States, Venezuela, and Russia to take back control of its stuck projects in Venezuela and Russia, the company's senior management said on Friday. The overseas arm of domestic state-owned exploration and production company ONGC, OVL has applied for a specific licence from the US authorities to get back operatorship of its projects in sanctions-hit Venezuela. It is also seeking to pay Russia for its share of a key fund in Russian roubles to take back control of the Sakhalin-1 field. "We are in advanced stages of discussions with the US State Department and Office of Foreign Assets Control (OFAC) to receive a licence to exempt it from sanctions and work in Venezuela using US entities and the US dollar," OVL managing director and chief executive officer Rajarshi Gupta said. He was speaking at a press conference after ONGC held its annual general meeting here. OVL had acquired a 40 per cent stake in the San Cristobal Field in Venezuela in 2008. Venezuelan state-owned PDVSA holds the remaining stake. OVL has said its dividends of about $600 million from the project are owed to it.