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ONGC oil operations in Venezuela

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2026-08-19 18:59 UTC → 2026-08-27 01:05 UTC · added removed

India’s state-owned Oil and Natural Gas Corporation (ONGC) has obtained a license from the United States Treasury’s Office of Foreign Assets Control (OFAC) to resume full operations in Venezuela. This clearance removes previous sanction-related risks that had forced the company to scale back its activities in the region. Through its overseas arm, ONGC Videsh Ltd, the company holds a 40 percent interest in the San Cristobal oil project and an 11 percent stake in the Carabobo project. The license facilitates the recovery of pending dividends exceeding USD 500 million and allows for the movement of capital, personnel, and contracting under a clear compliance framework. ONGC director-finance Anupam Agarwal stated that the company now has “full freedom to work on the Venezuela project” and that previous risks “are behind us.” The company Building on this regulatory clearance, ONGC is exploring increasing production levels and planning to invest approximately $200 million to revitalize the possibility of taking over operatorship of certain projects from San Cristóbal oil field in Anzoátegui state. Negotiations are currently underway with Venezuela’s state oil company, PDVSA. PDVSA, regarding a proposed ownership structure where PDVSA would hold a 60 percent stake and ONGC a 40 percent stake. Under the discussed terms, the Indian firm would finance the initial operational costs required by the Venezuelan side, with the loan to be repaid through the future sale of extracted crude oil. The project aims to significantly increase production at the San Cristóbal complex, which currently produces between 4,000 and 5,000 barrels per day, down from a historical peak of 45,000 to 50,000 barrels per day.

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  1. 2026-08-27 01:05 UTC ONGC oil operations in Venezuela
  2. 2026-08-19 18:59 UTC ONGC oil operations in Venezuela

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