Indian Oil Giant ONGC Secures U.S. License to Return to Venezuela

Source Summary

India's Oil and Natural Gas Corporation has secured a license from the U.S. Office of Foreign Assets Control to resume operations in Venezuela. ONGC holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, but had significantly reduced activity due to U.S. sanctions. The company's return could provide access to over $500 million in outstanding dividends from these projects.