US oil companies face significant hurdles in reviving Venezuela’s oil sector, despite President Trump’s optimism. Industry executives highlight the need for political stability and legal certainty before companies will commit billions, citing past expropriations and entrenched bureaucratic interests as major deterrents.
A US-led takeover of Venezuela’s oil sector could benefit India by unlocking nearly USD 1 billion in long-pending dues and reviving crude production from its operated fields. Sanctions easing after President Maduro’s removal would allow ONGC Videsh to resume operations and recoup past investments, potentially restoring significant oil flows to Indian refineries.
ONGC is launching a pilot project to store captured carbon dioxide underground at its Gandhar oilfield in Gujarat. This initiative marks a significant step in the company’s plan to reduce emissions. The project will inject CO2 into abandoned wells, preventing it from entering the atmosphere.