NEW DELHI, Aug 30 (Reuters) - India's ONGC Videsh Ltd

(OVL) is seeking U.S. approval to operate two projects in

sanction-hit Venezuela to boost output, its managing director

Rajarshi Gupta said on Friday.

ONGC is seeking specific licenses similar to the one awarded

to U.S. oil major Chevron ( CVX ) to operate oil fields in

Venezuela, Gupta added.

"We have made a request for a specific license that allow us

to operate our two projects. Approval will give us exemption

from sanctions and allow us to use U.S. entities, U.S. dollars,

U.S. banking channels, etc. for operating the projects," Gupta

said.

An approval would enable the company to manage the finances

of its Venezuelan projects and help it recover a pending

dividend of more than $500 million, he said.

Venezuela has allowed ONGC to operate the San Cristobal

project, while for the Carabobo 1 field, ONGC is in talks with

Spanish firm Repsol for joint operatorship, he said.

ONGC Videsh, the overseas investment arm of India's top

explorer Oil and Natural Gas Corp, holds a 40% stake

in the San Cristobal project.

In the Carabobo project, along with other Indian companies,

it holds an 18% stake while Spain's Repsol has an 11% stake.

Venezuela's national oil company, PDVSA, holds the remaining

stakes in both projects.

Gupta said that the two assets produce about 12,000-15,000

barrels per day (bpd) oil that can be raised to about 30,000 bpd

in a year's time, and to about 50,000 bpd in a few years.

Additionally, the MD expressed hope that OVL would soon

receive approval from Russian authorities to pay its $600

million share in roubles for the Sakhalin-1 project's

abandonment fund. This approval is necessary for OVL to retain

its 20% stake in the project in the Russian Far East.

Gupta said OVL wants to use some $250 million pending

dividend from its stake in the Russian oil project as

part-payment for its share in the abandonment fund in roubles.