Venezuela has agreed to give India's ONGC Videsh some oil in lieu of the company's pending dividend for a stake in a project in the South American nation, India's oil secretary said on Wednesday.

ONGC Videsh, the overseas investment arm of India's top explorer Oil and Natural Gas Corp, has $600 million of dividend pending for its 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt. (Reporting by Nidhi Verma; Writing by Shivam Patel; Editing by Jacqueline Wong)