Panaji, Jan. 28 -- India has initiated government-to-government (G2G) level talks with the United States and Venezuela to resolve the issue of $600 million in dividends stuck in Venezuela for state-run ONGC Videsh Ltd (OVL), said two people aware of the development.

OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), has held a 40% stake in the San Cristobal Project in Venezuela since 2008, with the country's state-owned oil company Petróleos de Venezuela SA (PDVSA) owning the remaining 60%. A PDVSA team is currently in India to discuss the long-pending issue.

The outcome of these talks will determine whether India can recover $600 million of stranded overseas earnings, revive access to one of the world's largest oil r...