India Hopes To Take Over Operation Of Venezuelan Oil Fields From PDVSA

India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves.

Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years of limiting its activities because of U. S. sanctions.