India's ONGC secures U.S. OFAC license to resume Venezuela oil operations

Published Aug 17, 08:35 AM UTC

India's Oil and Natural Gas Corporation (ONGC) has obtained a license from the U.S. Office of Foreign Assets Control to resume operations in Venezuela, according to Indian media. ONGC holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, but had to curb activities due to U.S. sanctions. The return could unlock over $500 million in outstanding dividends. ONGC is in talks with Venezuela's government to potentially take over operatorship of these projects. India, the world's third-largest oil importer, has increased crude purchases from Venezuela, becoming the second-largest buyer after the U.S. in May, with shipments reaching 427,000 barrels daily. This move aligns with India's strategy to diversify crude sources amid the Strait of Hormuz blockade.