New Delhi, Sept. 2 -- After more than a decade of delays, ONGC Videsh Ltd (OVL) may soon be able to access $500 million in dividends stuck in Venezuela due to US sanctions, with the state-run company initiating talks with authorities in the Latin American country. The two sides are currently discussing whether dividends should be paid in cash or crude oil, two people familiar with the matter said.

The development follows the US Office of Foreign Assets Control (OFAC) granting a general licence in July for the OVL partnerships in Venezuela. OVL is in talks with state-run Petróleos de Venezuela, S.A. (PDVSA) and the new Venezuelan government on the mode of payment, the people cited above said on the condition of anonymity.

"Talks are...