Economy
ONGC Secures US License to Resume Venezuela Oil Operations
thehindu2h
THE BRIEF
1
ONGC has received a license from the U.S. Treasury's Office of Foreign Assets Control to resume full operations in Venezuela, removing previous sanction-related risks.
2
The approval allows ONGC to manage project finances and potentially recover over $500 million in pending dividends from its 40% stake in the San Cristobal oil project.
3
The company plans to increase production from the San Cristobal field, which produced 0.265 million tonnes of oil equivalent in FY26, and may take over operatorship from PDVSA.