ONGC Gets Green Light for Venezuela Operations

Oil and Natural Gas Corporation (ONGC) has received a crucial licence from the US Treasury's Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela after years of limited activity due to sanctions-related restrictions.

The approval removes a major hurdle for ONGC's Venezuelan investments, which could enable the company to increase oil production and enter new agreements.

ONGC Videsh Ltd, ONGC's overseas investment arm, holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, which is currently under development. The company plans to invest more actively in its Venezuelan projects and work towards increasing production.

San Cristobal produced around 0.265 million tonnes of oil equivalent (Mtoe) in FY26, representing only about one-tenth of the field's potential, according to ONGC. This presents a significant scope for raising output through additional investment and development.