{
  "id": 1234103,
  "title": "ONGC gets U.S. licence to resume full Venezuela operations, eyes operatorship",
  "url": "https://urgent.news/2026/08/16/ongc-gets-u-s-licence-to-resume-full-venezuela-operations-eyes",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-16T08:36:04.000Z",
  "source": {
    "name": "The Hindu",
    "slug": "the-hindu",
    "url": "https://www.thehindu.com/news/national/ongc-gets-us-licence-to-resume-full-venezuela-operations-eyes-operatorship/article71352290.ece"
  },
  "original_language": "en",
  "account": "ONGC, the state-owned Oil and Natural Gas Corporation of India, has received a U.S. Treasury license from the Office of Foreign Assets Control (OFAC). This allows the company to resume full operations in Venezuela, a move that could lead to increased production and potential takeover of operatorship from Venezuela's state oil company, PDVSA. The OFAC license removes a significant barrier for ONGC's investments in Venezuela, as U.S. sanctions have historically complicated financial transactions and operations involving Venezuelan crude and energy assets. ONGC's overseas arm, ONGC Videsh Ltd, holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, both of which are under development. With the new license, ONGC can manage its Venezuelan projects, recover a pending dividend of over $500 million, and potentially increase its production at the San Cristobal site, which produced 0.265 million tonnes of oil equivalent in FY26, representing only 10% of its production potential. The company sees Venezuela as strategically important due to its vast proven crude oil reserves, the largest in the world.",
  "summary": "The U.S. approval removes a key hurdle for ONGC's Venezuelan investments and could pave the way for the state-run explorer to expand production",
  "key_points": [
    "ONGC receives U.S. license to resume full Venezuela operations.",
    "Company eyes takeover from Venezuela's state oil company PDVSA.",
    "ONGC Videsh Ltd holds stakes in San Cristobal and Carabobo projects."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}