ONGC gets US OFAC licence to resume full operations in Venezuela
Key facts
- ONGC received a licence from the US Treasury's Office of Foreign Assets Control (OFAC).
- It allows ONGC to resume full operations in Venezuela.
- ONGC had limited activity there for years due to sanctions risk.
- It may now take over operatorship of some projects from PDVSA.
Why it matters
[Energy] Venezuela has the world's largest proven oil reserves. The licence helps India diversify crude supply. That matters after the Hormuz disruption in 2026.
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