ONGC receives a US OFAC licence that allows it to resume full operations in Venezuela, according to reports. The approval removes a major regulatory obstacle for ONGC’s Venezuelan activities and enables the company to continue work under its existing arrangements.
Across outlets, ONGC is also described as seeking to recover money tied to its investment activities, including pending dividends. NDTV reports that ONGC aims to recover up to $600 million in pending dividends, while The Hindu focuses on the licence as clearing the way for ONGC to expand its Venezuelan operations.
The reporting also highlights ONGC’s intention to pursue a larger role in the relevant venture. NDTV states ONGC is looking to pursue operatorship and expand production, citing a plan to increase oil output from an estimated 12,000–15,000 barrels per day toward 30,000 barrels per day. The timing and exact operational steps are framed around the licence taking effect after US sanctions-related restrictions are waived.
