ONGC secures US license to resume full oil operations in Venezuela

State-run Oil and Natural Gas Corporation (ONGC) has secured a license from the US Treasury’s Office of Foreign Assets Control (OFAC), allowing the company to resume full operations in Venezuela. For years, ONGC had limited its activity in the region due to sanctions-related risks.

Anupam Agarwal, ONGC director-finance, stated that the company now has “full freedom to work on the Venezuela project” and that previous risks “are behind us.” The license enables ONGC to invest in existing assets, increase production, and pursue new deals.

Key developments enabled by this clearance include the potential recovery of more than $500 million in pending dividends and the possibility of ONGC taking over the operatorship of certain projects currently managed by Venezuela’s state oil company, PDVSA. The move allows for the movement of capital, personnel, and contracting under a clear compliance framework.