Indian Oil Giant Secures U.S. License to Return to Venezuela

India’s Oil and Natural Gas Corporation has secured a license from the U.S. Office of Foreign Assets Control to return to Venezuela, Indian media have reported.

India’s largest oil and gas company has a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project but was forced to curb activity significantly amid a barrage of U.S. sanctions on the South American country.

ONGC’s return to Venezuela could open up access to over $500 million in outstanding dividends from its stakes in the two oil projects.…