Why ONGC wants a stake in two Venezuela oilfields — and needs US approval

 Venezuela’s oil industry has witnessed a prolonged decline due to a combination of depressed oil prices, economic mismanagement and US sanctions. During this period, PDVSA’s operational capabilities have also weakened considerably. Venezuela’s oil industry has witnessed a prolonged decline due to a combination of depressed oil prices, economic mismanagement and US sanctions. During this period, PDVSA’s operational capabilities have also weakened considerably.