ONGC Secures US Licence to Resume Full Venezuela Operations

Key facts

• State-owned Oil and Natural Gas Corp (ONGC) has secured a licence from the US Treasury's Office of Foreign Assets Control (OFAC) to resume full operations in Venezuela.
• ONGC's overseas investment arm, ONGC Videsh Ltd, holds a 40 per cent interest in the San Cristobal oil project and an 11 per cent stake in the Carabobo project in Venezuela.
• The OFAC licence enables ONGC to manage finances of its Venezuelan projects and recover a pending dividend of more than USD 500 million.
• ONGC is in talks with Venezuelan authorities and joint-venture partners regarding its interests in the San Cristobal and Carabobo projects, including a possible transfer of operatorship from Petroleos de Venezuela S.A. (PDVSA).
• The San Cristobal project produced around 0.265 million tonnes of oil equivalent in FY26, which is a tenth of its production potential, and the licence allows ONGC to invest in raising output.
• Venezuela holds the world's largest proven crude oil reserves, estimated at about 303 billion barrels by OPEC, more than Saudi Arabia.