ONGC secures US license to resume full operations in Venezuela

State-owned Oil and Natural Gas Corp (ONGC) has obtained a license from the U.S. Treasury's Office of Foreign Assets Control (OFAC) to resume full operations in Venezuela. The approval removes sanctions-related risks, allowing the company to potentially expand production and recover over $500 million in pending dividends. ONGC's overseas arm holds a 40% stake in the San Cristobal oil project and an 11% interest in the Carabobo project.