Ongc wins US licence to resume Venezuela operations
State-owned Oil and Natural Gas Corp (ONGC) has obtained an OFAC licence from the US Treasury allowing it to resume full operations in Venezuela, a senior company official said, removing sanctions-related constraints on finance and activity. ONGC Videsh holds 40% of the San Cristobal project and 11% of the Carabobo project; the licence would let the company manage project finances and recover a pending dividend of more than USD 500 million. ONGC said it can now invest to raise oil output — San Cristobal produced about 0.265 million tonnes in FY26, roughly one-tenth of potential — and expects new agreements and possible operatorship transfers from PDVSA.
OFAC licence allows ONGC to resume full Venezuelan operations
Context
US sanctions had limited ONGC's activity in Venezuela for years. The new OFAC licence removes those sanction-related risks. ONGC may now recover funds, invest in projects, and seek operatorship changes.
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