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

Published Aug 18, 06:10 PM UTC

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India's Oil and Natural Gas Corporation (ONGC) has obtained a license from the U.S. Office of Foreign Assets Control (OFAC) to resume full operations in Venezuela. ONGC holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, but had curtailed activities due to U.S. sanctions. The license could unlock over $500 million in outstanding dividends. ONGC is in talks with Venezuela's government to potentially take over operatorship of these projects from PDVSA. India, the world's third-largest oil importer, has been increasing crude purchases from Venezuela amid the Strait of Hormuz blockade, becoming the second-largest buyer of Venezuelan crude after the U.S. in May 2026, with shipments reaching 427,000 barrels per day.

Source

Yahoo FinanceWestern

Original headline: Indian Oil Giant Secures U.S. License to Return to Venezuela

Original language: EN-US

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India's ONGC Secures U.S. License to Resume Full Venezuela Oil Operations

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Venezuela India