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The US Treasury Department's Office of Foreign Assets Control (OFAC) issued the license. ONGC's Chief Financial Officer Anupam Agarwal mentioned that the firm can invest in Venezuela "with reduced limitations."
"We now have total freedom to operate on the project in Venezuela, as we previously limited our activities there due to risks related to sanctions." "Those risks are in the past," he stated during a conference with investors.
The report indicates that acquiring the license may assist ONGC in addressing financial challenges linked to its assets in Venezuela. This will enable the company to distribute more than $500 million in dividends that have already been earned.
The company stated that it is "showing particular interest" in onshore and shallow-water fields within the nation. ONGC calculates Venezuela's oil reserves to be around 303 billion barrels.
source: timesofindia.indiatimes.com
"We now have total freedom to operate on the project in Venezuela, as we previously limited our activities there due to risks related to sanctions." "Those risks are in the past," he stated during a conference with investors.
The report indicates that acquiring the license may assist ONGC in addressing financial challenges linked to its assets in Venezuela. This will enable the company to distribute more than $500 million in dividends that have already been earned.
The company stated that it is "showing particular interest" in onshore and shallow-water fields within the nation. ONGC calculates Venezuela's oil reserves to be around 303 billion barrels.
source: timesofindia.indiatimes.com