India Expands Venezuelan Oil Ventures Amid ONGC License Boost

India is bolstering its energy security by increasing crude oil imports from Venezuela. The Ministry of External Affairs announced ongoing engagements to enhance crude oil supplies, amid reports that Oil and Natural Gas Corporation (ONGC) has received a US Office of Foreign Assets Control (OFAC) license.

The OFAC license will allow ONGC to scale up its Venezuelan activities without previous sanction-related constraints. This means the company can now operate freely and manage projects alongside Venezuela's PDVSA, potentially boosting production and facilitating new agreements.

ONGC's Director-Finance, Anupam Agarwal, highlighted the newfound operational flexibility, which could also help recover over $500 million in pending dividends.