India's ONGC Poised to Take Over Operation of Venezuelan Oil Fields from PDVSA

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India's ONGC is set to take over operation of two Venezuelan oil projects from state-owned PDVSA, gaining direct operational control over assets in the world's largest proven crude oil reserves. ONGC's Finance Director Anupam Agarwal stated the company expects to sign new agreements very soon under Venezuela's new petroleum law, following years of limited activities due to U.S. sanctions.