ONGC (Oil and Natural Gas Corporation Ltd) announced that it intends to sign agreements with the Venezuelan government to operate two oil blocks under Venezuela’s newly enacted petroleum law. The statement was made by finance director Anupam Agarwal during an analyst call following the company’s June‑quarter earnings release. Agarwal explained that earlier ONGC’s activities in Venezuela were constrained by sanctions‑related risk, but the new legal framework now provides the company with full freedom to pursue the projects. He noted that Venezuela is offering additional incentives under the new law and that ONGC possesses relevant expertise from operating fields with similar geology in India. Through its overseas investment arm, ONGC Videsh, the company already holds a 40% stake in the San Cristobal field and an 18% stake in the Carabobo‑1 project, both in partnership with other Indian companies. Agarwal expressed confidence that positive developments will materialise shortly, with new agreements expected to be signed and ONGC taking over operatorship for some projects from PDVSA. The article, sourced from Reuters and published on 05‑08‑2026 at 06:58 pm, includes a disclaimer that it was generated with AI assistance and reviewed by an editor.