New Delhi, Aug. 17 -- State-run Oil and Natural Gas Corporation (ONGC) is set to step up its activities in Venezuela after receiving a licence from the US Treasury's Office of Foreign Assets Control (OFAC), removing the sanctions-related restrictions that had limited the company's operations in the country.

The approval could allow ONGC to put more money into its Venezuelan assets, raise oil output, work on fresh agreements and potentially take over the operation of some projects currently managed by Venezuela's state-owned oil company PDVSA.

Anupam Agarwal, Director-Finance at ONGC, said the company now has greater flexibility to work on its Venezuelan investments.

"Now we have full freedom to work on the Venezuela project because ear...