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India's Oil and Natural Gas Corporation (ONGC) has received U.S. permission to return to Venezuela, potentially unlocking over $500 million in dividends.
India's largest oil and gas company, Oil and Natural Gas Corporation (ONGC), has received permission from the U.S. Office of Foreign Assets Control (OFAC) to resume operations in Venezuela. This move is expected to unlock over $500 million in unpaid dividends for ONGC from its two oilfield projects in Venezuela. The company, which was previously forced to significantly scale back its activities due to U.S. sanctions against Venezuela, is currently negotiating new cooperation agreements with the Venezuelan government.
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