ONGC Gets OFAC Licence to Resume Full Venezuelan Oil Operations

State-run Oil and Natural Gas Corporation (ONGC) has received a licence from the US Treasury's Office of Foreign Assets Control (OFAC), clearing the way for the company to resume full-scale operations in Venezuela.

The approval is expected to give ONGC greater flexibility to invest in its Venezuelan assets, expand oil production, and negotiate new arrangements with local authorities and partners.

ONGC may also take over operatorship of some projects currently managed by Venezuela's state-owned oil company, PDVSA.

With the restrictions eased, ONGC plans to boost Venezuelan output, particularly from shallow, onshore fields where its experience in Western India could be useful.