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ONGC Videsh anticipates Venezuela operations restart as US eases sanctions, liberalizes crude trade
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ONGC Videsh Eyes Venezuela Restart as US Eases Sanctions, Crude Trade Liberalizes
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Moneycontrol
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13-02-2026, 14:38
ONGC Videsh Eyes Venezuela Restart as US Eases Sanctions, Crude Trade Liberalizes
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ONGC Videsh is hopeful of resuming operations in Venezuela following US moves to ease sanctions and liberalize crude trade.
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The company awaits formal approvals and instructions, noting a positive direction in the process.
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ONGC has $600 million in dividends stuck in Venezuela due to past US sanctions, with stakes in Sancristobal (40%) and Carabobo (11%) oil fields.
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OVL sought a specific license from the US Department of Treasury in 2024 to operate in Venezuela.
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ONGC Videsh is also optimistic about receiving held-up dividends from the Sakhalin-1 project in Russia, where it holds a 20% stake.
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