State-owned Oil and Natural Gas Corporation (ONGC) is exploring the possibility of taking over the operatorship of two oil blocks in Venezuela, marking a significant step in expanding India’s overseas upstream presence. The move is aimed at strengthening ONGC’s role in international oil exploration while securing long-term energy supplies for the country.

According to industry sources, the discussions involve oil fields where ONGC Videsh Limited (OVL), the overseas investment arm of ONGC, already has participating interests. Assuming operatorship would provide the company with greater control over production planning, operational decisions and future investments in the assets.

Venezuela possesses one of the world’s largest proven crude oil reserves, making it a strategically important destination for global energy companies. Despite facing geopolitical and economic challenges over the past decade, the country has witnessed renewed interest from international firms as restrictions on its oil sector have gradually eased and production activities have begun to recover.

For India, the development aligns with its broader strategy of diversifying crude oil sources and enhancing energy security. Increased participation in overseas oil assets enables Indian companies to access long-term hydrocarbon resources while reducing dependence on spot market imports.

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Industry experts believe that if the proposal moves forward, it could strengthen ONGC’s global upstream portfolio and deepen energy cooperation between India and Venezuela. The initiative also reflects India’s continued focus on securing overseas oil and gas assets to support the country’s growing energy demand while balancing the ongoing transition towards cleaner sources of energy.

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