ONGC gets US licence, eyes Venezuela operatorship

State-owned ONGC has secured a licence from the US Treasury’s Office of Foreign Assets Control, allowing it to resume full operations in Venezuela after years of sanctions-related restrictions.

ONGC Finance Director Anupam Agarwal said the approval removes key risks and allows the explorer to invest, expand production and pursue new agreements. It could also enable ONGC to take over operatorship of some projects from Venezuela’s state-owned PDVSA. ONGC Videsh holds 40% in the San Cristobal oil project and 11% in the Carabobo project. 

 The licence could also help recover more than $500 million in pending dividends. San Cristobal produced about 0.265 million tonnes of oil equivalent in FY26, around a tenth of its potential, according to Agarwal. 

  ONGC is in talks with Venezuelan authorities and joint-venture partners over both projects. Agarwal said the company was “very bullish” on Venezuela, which holds about 303 billion barrels of proven crude reserves.