“US Clears ONGC to Resume Venezuela Oil Operations
What Happened
The US Treasury Department has granted ONGC Videsh Ltd (OVL) a licence to fully restart operations in Venezuela. This allows ONGC to resume crude lifting from the San Cristobal oil field, where it holds a 40% stake with state-owned PDVSA. The licence also enables ONGC to pursue operatorship of the project, which had been stalled due to sanctions.
Key Takeaways
The approval is a major boost for ONGC’s overseas portfolio, helping it recover pending oil dues and strengthen India’s energy security. Analysts say the move could deepen India–Venezuela energy ties, though future progress will depend on Washington’s evolving sanctions policy and global oil market dynamics.