'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
The US government, under President Trump, justifies the intervention as a security necessity rather than a resource grab. The primary official reasons include: narco-terrorism charges, national security and migration crisis.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
The Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
OVL, the overseas investment arm of state-run explorer Oil and Natural Gas Corporation, holds 40 per cent stake in the San Cristobal oil project in Venezuela.
Venezuelan Pastor Maldonado will race for Williams again next season with Finland's Valtteri Bottas handed the role of reserve, the Formula One team said on Thursday.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
ONGC Videsh Ltd, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), will take a 40 per cent stake in San Cristobal oilfield in Venezuela.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Venezuela and India would start a pilot project on heavy oil exploration in Rajasthan in August, Centre said on Tuesday.
ONGC Videsh, the foreign arm of Oil and Natural Gas Corporation, is in talks with Venezuelan state oil company Petroleos de Venezuela S.A for a stake in the Tomoporo oilfield containing about one billion barrels of recoverable light crude reserves.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
Venezuelan national oil company Petroleos de Venezuela S A (PDVSA) will help Oil India Ltd exploit about $2 billion worth of heavy crude oil in Baghewala oil field in Rajasthan.
The timing of the news immediately triggered speculation that Frenchman Eric Boullier could be heading to McLaren, who were due to launch their 2014 car later in the day in an online presentation.
Formula One's 2016 tyre rules, giving more choice on the selection of compounds and strategy, have left even some drivers confused.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances