India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. ONGC Videsh currently holds a 40% stake in the San Cristobal oil field and, together with other Indian companies, an 18% interest in the Carabobo-1 heavy oil project. Agarwal said Venezuela’s new petroleum law offers additional incentives for foreign investors and expressed confidence that agreements transferring operatorship of some projects from PDVSA could be finalized soon. The announcement also comes as India’s purchases of Venezuelan crude have cooled after a sharp surge earlier this year. According to Kpler data cited by Bloomberg, Venezuela’s crude exports fell 25% in July to about 856,000 barrels per day after shipments to India were cut roughly in half from June, as improving Middle East supply reduced Asian demand for discounted Venezuelan barrels.