Overview
- OVL holds a 40% stake in the San Cristobal field, where output slid to roughly 5,000–10,000 barrels per day after sanctions choked access to rigs, services and audits.
- Unpaid claims tied to OVL’s Venezuela ventures total about $1 billion, including $536 million in dividends due up to 2014 and a similar unaudited amount for later years.
- Recent reports describe US capture of Nicolás Maduro and American oversight of Venezuela’s oil sector, a shift that could enable sanctions relief or new operating licences for foreign partners.
- Officials familiar with San Cristobal say production could climb to 80,000–100,000 barrels per day with fresh drilling and equipment, and OVL could redeploy rigs from India if permissions are granted.
- Indian refiners previously processed over 400,000 barrels per day of Venezuelan heavy crude and could resume purchases once production rises and payment channels are restored, while Indian stakes also extend to the Carabobo-1 block.