Venezuela Oil Revamp Could Unlock $1 Billion for India, Boost Crude Supply

• A potential US-backed restructuring of Venezuela’s oil industry could help India recover nearly $1 billion in long-pending dues.
• Indian companies like ONGC Videsh Ltd could restart crude production from fields such as San Cristobal, currently stalled by US sanctions.
• US sanctions in 2020 halted India's 400,000 bpd Venezuelan crude imports and led to $536 million in unpaid dividends to OVL by 2014, with more later.
• Relaxed sanctions could boost San Cristobal's output to 80,000-100,000 bpd with adequate investment and drilling activity.
• Venezuelan oil offers India diversification, reduced concentration risks, and long-term supply security for its refiners.

Why It Matters: Venezuela's oil sector revamp offers India a chance to recover $1 billion and secure vital crude supplies.