ONGC gets US sanction waiver, set to resume full Venezuela ops

State-run Oil and Natural Gas Corporation (ONGC) has secured a licence from the US Treasury's Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela after years of sanctions-related restrictions. The approval removes a key hurdle for ONGC's Venezuelan investments, reports Times Now.

ONGC director-finance Anupam Agarwal said the company now has "full freedom" to work on projects in Venezuela. The OFAC licence enables ONGC to manage project finances and could help recover a pending dividend of over USD 500 million. Times of India adds that the company is already in talks with Venezuelan authorities and its joint-venture partners over its interests in the San Cristobal and Carabobo projects.

ONGC expects positive developments soon, including new agreements and a possible transfer of operatorship from Venezuela's state oil company PDVSA. Venezuela's newly enacted petroleum law provides additional fiscal incentives for resource development. ONGC's focus is on shallow, onshore fields where it has relevant experience from fields in western India.