India's ONGC Secures U.S. License to Return to Venezuela Oil Projects

3-line summary

• India's ONGC, which holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project in Venezuela, secured a U.S. license allowing it to resume activity after previously curbing operations amid U.S. sanctions, according to a Yahoo Finance report.
• The return could open access to over $500 million in outstanding dividends from ONGC's stakes in the two projects; the company is in talks with Venezuela's government on new partnership deals that could see it take over operatorship of San Cristobal.
• ONGC's finance director said the company's overseas arm, ONGC Videsh, now has 'full freedom' to pursue opportunities in Venezuela following the easing of sanctions-related constraints, per a Reuters report cited in the article.

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