ONGC wins US approval to restart operations in Venezuela
Business
ONGC, India's big oil player, just got the go-ahead from the US to fully restart its work in Venezuela after years of sanctions.
This means ONGC can finally get back more than $500 million in unpaid dividends and invest more in Venezuelan oil projects: pretty significant, since Venezuela holds the world's largest crude reserves.
Venezuela law opens ONGC opportunities
Venezuela recently updated its petroleum law to attract foreign companies with better incentives.
For ONGC, this opens doors: it already owns a chunk of two major oil projects (San Cristobal and Carabobo) and now plans to boost production.
The company is also talking with local giant PDVSA about taking over operations at San Cristobal, hoping to turn things around there soon.