NEW DELHI: The Indian government has initiated efforts to recover nearly $580 million in dividends stuck in Venezuela, as a delegation from the South American country is expected to visit India today, according to government officials and officials from Oil and Natural Gas Corp (ONGC).
The Venezuelan delegation, which is scheduled to attend the fourth edition of India Energy Week 2026, is expected to meet Indian ministers and senior officials to discuss the future course of engagement, including the issue of pending dividends.
“The delegation is set to arrive in India today. There will be ministerial-level discussions, and we will also meet officials. At that point, we can raise the issue of the dividends stuck in Venezuela,” said Arunangshu Sarkar, Director (Strategy and Corporate Affairs), ONGC.
However, the Indian government does not appear confident about an immediate resolution, with officials indicating that the recovery process could take longer than expected. Another official, speaking on condition of anonymity, said the situation has become more complicated following increased US involvement in Venezuela.
“Everything depends on the US. I cannot comment on what the Venezuelan delegation will or will not discuss. Since much of the situation is now influenced by the US, the delegation’s meetings may not carry much weight,” the official said.
ONGC Videsh Ltd (OVL), the overseas arm of ONGC, jointly operates the San Cristobal oilfield in eastern Venezuela. Production at the field has declined sharply after US sanctions restricted access to key technology, equipment, and services, leaving large oil reserves untapped. Venezuela has not paid OVL dividends worth about $536 million on its 40% stake in the project up to 2014.
India was once a major buyer of Venezuelan heavy crude, importing more than 400,000 barrels per day at its peak. However, purchases stopped in 2020 after US sanctions made trade increasingly difficult.
The dividends have remained blocked for several years due to US sanctions on Venezuela’s oil sector, which disrupted production and severely restricted cross-border financial transactions. Following recent US intervention in Venezuela, India has stepped up efforts to unlock nearly $580 million in stalled dividends owed to ONGC Videsh Ltd.