ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), wants $537 million worth of crude oil in lieu of cash due for its share of sales from Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and invested $190 million in 2008.
State-run Petroleos de Venezuela SA, or PDVSA, holds the balance stake. The field currently produces 28,000 barrels a day. OVL received its dividend from sale of crude oil produced from the field totaling $56.2 million for 2008.
Dividends for 2009 to 2013 totalling $537.631 million remain unpaid due to cash flow difficulties faced by PDVSA.
During 2015-16, OVLÂ´s share of crude oil production was 0.57 MT as compared to 0.65 MT in the previous fiscal. OVLÂ´s investment in the project was Rs.2,600 crore ($486.69 million) till March 31, 2016.