New Delhi, Aug. 18 -- State-owned Oil and Natural Gas Corporation (ONGC) has clarified reports regarding the resumption of its overseas subsidiary ONGC Videsh Limited's (OVL) oil and gas operations in Venezuela, saying the company is pursuing the required authorization from the U.S. Office of Foreign Assets Control (OFAC).

In a clarification to the stock exchanges on August 18, ONGC said OVL has two assets in Venezuela - San Cristobal and Carabobo - and has been pursuing Office of Foreign Assets Control (OFAC) authorization for oil and gas operations in the country.

ONGC said the required approval was received from the U.S. government in July 2026. Framework agreements for determining the further course of action for both assets are cur...