Oil and Natural Gas Corporation (ONGC) has received a licence from the US Treasury’s Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela after years of limiting its activities due to sanctions. The US approval clears a major hurdle for ONGC’s Venezuelan investments and could help the company increase production, sign new deals and take over operations of some projects from Venezuela’s state-owned oil company, Petroleos de Venezuela S.A. (PDVSA).
The company is already in talks with Venezuelan authorities and its joint-venture partners over its interests in two projects -- San Cristobal and Carabobo -- and eyeing positive developments soon, including new agreements and a possible transfer of operatorship from PDVSA. The company's overseas arm -- ONGC Videsh holds a 40 per cent interest in the San Cristobal oil project, while the remaining is with Venezuela's PDVSA. The company holds another 11 per cent stake in the Carabobo project, which is under development.
ONGC is India’s largest government-run corporation and produces more than half of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
| Company Name | CMP |
|---|---|
| ONGC | 238.50 |
| Oil India | 475.00 |
| Jindal Drilling&Inds | 586.40 |
| Deep Industries | 679.45 |
| Asian Energy Service | 424.65 |
| View more.. | |
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