By Admin 
America has taken military action on Venezuela and arrested President Nicolas Maduro and now the rule there has come into the hands of America. Trump has made it clear that until there is stability there, America will run Caracas. America’s action on Venezuela has created an atmosphere of tension across the world, but India can benefit from this action.
India can directly benefit from America’s control and restructuring of Venezuela’s oil storage area. This is not what we say, but experts and people associated with the industry. Experts said that due to this whole incident, India’s dues of about one billion dollars can be recovered. Also, the production of crude oil from oil fields operated by Indian institutions may increase.
India was the major importer of crude oil from Venezuela.
India was once a major importer of Venezuelan crude oil. He used to import more than four lakh barrels of crude oil from Venezuela. However, this process was hampered due to US sanctions in 2020.
India’s major oil company ONGC Videsh Limited jointly operates the entire San Cristobal oil field in Venezuela. Access to essential technology, equipment and services was disrupted due to US sanctions. This had an impact on production.
India has not yet received its share payment
The Venezuelan government has not yet paid the US$536 million dividend due by 2014 on OVL’s 40 percent stake in the project. Almost the same amount is outstanding for the subsequent period also, but settlement of these claims is pending due to lack of permission for audit.
According to experts, if America takes control of the oil reserves there, then the restrictions can be relaxed. After this, OVL can increase production by sending rigs and other equipment from Gujarat and other areas. At present this production has reduced to only 5,000 to 10,000 barrels per day.
Experts said, oil production can increase in this way
Officials estimate that if advanced equipment and additional oil wells are used, production could increase to 80,000 to 100,000 barrels per day. The rigs required for this are already available with ONGC. US control also means that Venezuelan exports to the global market can resume quickly, which will help OVL recover its past dues. OVL had earlier sought exemption from sanctions under a special license from the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Nikhil Dubey, senior research expert at Kepler, said that with the relaxation of sanctions, trade flows can be restored rapidly and Venezuelan crude oil can again reach Indian refineries. Indian refineries like Reliance Industries, Nayara Energy, Indian Oil and HPCL-Mittal Energy have advanced capacity to process heavy crude. According to analysts, the return of Venezuelan oil will stabilize prices in the global market and importing countries like India will get strategic benefits.