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ONGC says it is seeking OFAC authorization for Venezuela operations

ONGC said the U.S. approval for OVL was received in July 2026, and it has not yet seen any material share price movement or quantified operational impact.

Reported · Written up by our desk · Trade & Tariffs

State-run Oil and Natural Gas Corporation (ONGC) clarified recent coverage about the resumption of its overseas arm ONGC Videsh Limited (OVL) in Venezuela, saying OVL is pursuing required authorization from the U.S. Office of Foreign Assets Control (OFAC). In an exchange filing on August 18, ONGC said OVL holds two Venezuelan assets, San Cristobal and Carabobo, and that the U.S. government approval was received in July 2026.

ONGC said it is now discussing framework agreements with relevant stakeholders on the further course of action for both assets. It added that, after the August 16 report that it had received a U.S. license to resume full operations, it has not observed any material movement in its share price.

The company also said the operational or financial impact of the development could not be determined at this stage, and therefore it has not made further disclosures to the stock exchanges. The clarification comes as sanctions have periodically constrained dealings in Venezuela’s oil sector, affecting the scope of operations and transactions with PDVSA, Venezuela’s state oil company.

ONGC said Venezuela remains strategically important because it holds the world’s largest proven crude oil reserves, estimated by OPEC at about 303 billion barrels, more than Saudi Arabia’s. It noted that OVL has a 40% interest in the San Cristobal oil project, with the remaining 60% held by PDVSA, and that the latest steps could support further discussions for the Venezuelan assets subject to regulatory approvals and the completion of the framework arrangements.

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