State-run Oil and Natural Gas Corporation (ONGC) on Tuesday said its overseas arm ONGC Videsh Ltd (OVL) received the required go-ahead from the US government in July 2026 for oil and gas operations in Venezuela, while framework agreements for the next course of action are still under discussion.
“Framework agreements for further course of action in both the assets are under discussion with relevant stakeholders,” ONGC said in its exchange filing.
OVL has two assets in Venezuela — San Cristobal and Carabobo-1. The company said it had been pursuing license authorisation from the US Office of Foreign Assets Control (OFAC) for oil and gas operations in the country “over a period of time”. The required approval was received from the US government in July 2026.
