ONGC Videsh Ltd, the overseas arm of ONGC, is seeking $537 million worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and had invested about $190 million in the project in 2008. State-run Petroleos de Venezuela SA, or PDVSA, holds the remaining stake.
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