ONGC's OFAC licence removes years of sanctions risk on Venezuelan projects, letting it sign new deals and potentially take over PDVSA-operated fields.
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Oil and Natural Gas Corp has secured a licence from the US Treasury's Office of Foreign Assets Control, allowing it to resume full operations in Venezuela after years of limiting activity because of sanctions-related risks, a senior company official said.
The US approval removes a key hurdle for ONGC's Venezuelan investments. It could let the state-run explorer expand production, sign new agreements and take over operatorship of some projects from Venezuela's state oil company PDVSA, Anupam Agarwal, director-finance at ONGC, said at an investor call.
"Now we have full freedom to work on the Venezuela project because earlier we were restricting our operations there because of the sanction-related risks. Those risks are behind us," Agarwal said.
ONGC had kept its Venezuelan operations on a short leash since the US began tightening sanctions on PDVSA and the Maduro government in 2019. The company had avoided new investments and limited activity to maintaining existing wells. The OFAC licence resets that posture entirely, Agarwal indicated.
The company did not disclose the full scope of the licence or whether it applies to all ONGC's Venezuelan assets. Agarwal said the explorer would now evaluate specific opportunities, including taking on operatorship of projects PDVSA has struggled to fund or staff.
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The committee meets Thursday. No date has been set for a floor vote.
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