Economy
ONGC Secures US License to Resume Venezuela Operations
Moneycontrol2h
THE BRIEF
1
State-owned ONGC has received a critical license from the US government to resume full-scale oil operations in Venezuela, ending years of sanctions-related inactivity.
2
The company plans to take over operatorship of two major oil blocks, aiming to boost its overseas production capacity and secure long-term energy supplies for India.
3
This development follows extensive diplomatic negotiations, with ONGC expected to deploy technical teams to the South American nation by September 2026 to restart extraction activities.