ONGC gets US licence to resume Venezuela operations, eyes operatorship

•ONGC has secured a US licence to resume full operations in Venezuela after years of limiting activity due to sanctions-related risks.

•The licence removes a key hurdle for ONGC's Venezuelan investments and could pave the way for expanded production and operatorship of projects from PDVSA.

•ONGC holds a 40% interest in the San Cristobal oil project and an 11% stake in the Carabobo project, with plans to raise oil production and recover a pending dividend of over $500 million.

•The licence is significant for ONGC as it can now invest in projects to raise oil production, with Venezuela holding the world's largest proven crude oil reserves.