A working group from the overseas investment arm of India's state-run oil producer has touched down in Venezuela to assess its local assets, according to people familiar with the matter. This comes just weeks after the company secured clearance from US authorities to resume operations there.

The delegation, comprising nearly a dozen officials from ONGC Videsh Ltd (OVL), began a seven-day visit on Tuesday, with plans to inspect oilfields on the ground and hold discussions with Venezuelan energy sector authorities, the sources said. They added that this marks the first such assessment mission in several years.

OVL received the green light from Washington in July, with the permit lifting sanctions-related restrictions and clearing the way for the firm to restart oil and gas activities in the South American nation. The company holds equity stakes in the San Cristobal project and the Carabobo-1 block in Venezuela.

Earlier this week, OVL Managing Director Rajarshi Gupta told reporters in New Delhi that the company is in talks to sign a framework agreement with Venezuela, seeking operator rights for both projects. "We firmly believe these two assets hold significant potential for substantially boosting output," he said.

The inspection comes as US Energy Secretary Chris Wright visits Venezuela, announcing a package of cooperation deals aimed at ramping up the country's oilfield production. Part of the motivation is to ease international crude prices that have been pressured by supply disruptions from the Persian Gulf region.

Washington has also declared it will work with an enterprise led by energy entrepreneur Alejandro Betancourt to take over Venezuela's 65-billion-barrel oil reserve base. Betancourt, a controversial figure in Venezuela, amassed significant wealth some 16 years ago by selling power turbines during a national electricity crisis.

OVL owns a 40% stake in the San Cristobal field and an 11% interest in the Carabobo-1 block. India's state-run Indian Oil Corp and Bharat Petroleum Corp Ltd each hold a 3.5% share in the Carabobo-1 project.

The Indian delegation's arrival also coincides with a gradual recovery in Venezuela's oil trade with India, the world's third-largest crude importer, after years of sanctions-related disruptions. Venezuelan exports to India doubled in August from a low base, although Indian refiners had been forced to trim purchases amid disruptions to Russian oil shipments caused by Ukrainian attacks.

Gupta said OVL is negotiating fiscal terms, operating conditions, and reservoir evaluation criteria with Venezuela. "We are engaged in high-level, in-depth discussions with Venezuela, and we expect the framework agreement, subsequent detailed contracts, operator status, and capacity expansion plans will all materialize in the near term," he stated.