Background: the Orinoco Belt, Venezuela's extra-heavy crude and the ONGC Videsh stake
Background
Venezuela's heavy crude sits in the Orinoco Belt, the stretch of extra-heavy oil along the Orinoco river, and that is where foreign upstream investment in the country is concentrated.
ONGC Videsh, the overseas arm of Oil and Natural Gas Corporation, holds interests in the San Cristobal and Petrocarabobo-1 projects there, with investment put at about $1 billion.
Public sector companies from India have worked in Venezuela's upstream oil sector since 2008.
ONGC Videsh has obtained a licence to operate oil and gas projects in Venezuela, which chief financial officer Anupam Agarwal confirmed on an earnings call.
Venezuela is reforming its energy sector to open the oil and electricity markets to private capital, and has invited foreign companies into both upstream and downstream segments.
Venezuela's acting President Delcy Eloina Rodriguez Gomez visited New Delhi in June 2026, where the talks covered oil, critical minerals, technology, agriculture and health.
The two sides also discussed moving from spot purchases of crude to long-term supply agreements.
In plain words
ONGC Videsh ONGC Videsh Limited — The overseas exploration and production arm of Oil and Natural Gas Corporation, India's state oil company.
Orinoco Belt Faja Petrolifera del Orinoco — The band of extra-heavy crude along the Orinoco river, which holds the bulk of Venezuela's reserves.