A US-led takeover or restructuring of Venezuela's oil sector could deliver a direct benefit to India, potentially unlocking close to USD 1 billion in long-pending dues while accelerating the revival of crude production from fields it operates in the sanctions-hit Latin American nation, analysts and industry sources said. India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020. Its flagship overseas producer, ONGC Videsh Ltd (OVL), jointly operates the San Cristobal oilfield in eastern Venezuela, but output has been severely curtailed as US restrictions blocked access to critical technology, equipment, and services - leaving commercially viable reserves effectively stranded. Venezuela has failed to pay OVL USD 536 million in dividends due on its 40 per cent stake in the field up to 2014, and a near-equivalent amount for the ...