Back in 2024, ONGC Videsh has sought a ‘specific license’ to operate in Venezuela from the US Department of Treasury.
ONGC Videsh, a wholly owned subsidiary of ONGC, is engaged in overseas E&P operations and is India’s largest international oil and gas E&P company.
The overseas arm of ONGC has dividends stuck to the tune of $600 million for the stake it holds in Venezuelan projects
OVL "has signed a definitive sale purchase agreement (SPA) for directly acquiring 0.615 per cent participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor. The agreement also includes acquiring 0.737 per cent shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited," it added.
India’s flagship overseas firm ONGC Videsh Ltd (OVL) has secured another three-year extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea, the firm’s parent ONGC said.