ONGC rises on securing licence from US’ OFAC to resume full operations in Venezuela
Oil & Natural Gas Corporation is currently trading at Rs. 240.45, up by 1.95 points or 0.82% from its previous closing of Rs. 238.50 on the BSE.
The scrip opened at Rs. 239.50 and has touched a high and low of Rs. 241.30 and Rs. 239.10 respectively. So far 86663 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 307.50 on 29-Apr-2026 and a 52 week low of Rs. 227.60 on 30-Jun-2026.
Last one week high and low of the scrip stood at Rs. 241.30 and Rs. 235.20 respectively. The current market cap of the company is Rs. 302052.50 crore.
The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 37.62% and 3.50% respectively.
Oil and Natural Gas Corporation (ONGC) has received a licence from the US Treasury’s Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela after years of limiting its activities due to sanctions. The US approval clears a major hurdle for ONGC’s Venezuelan investments and could help the company increase production, sign new deals and take over operations of some projects from Venezuela’s state-owned oil company, Petroleos de Venezuela S.A. (PDVSA).
The company is already in talks with Venezuelan authorities and its joint-venture partners over its interests in two projects -- San Cristobal and Carabobo -- and eyeing positive developments soon, including new agreements and a possible transfer of operatorship from PDVSA. The company's overseas arm -- ONGC Videsh holds a 40 per cent interest in the San Cristobal oil project, while the remaining is with Venezuela's PDVSA. The company holds another 11 per cent stake in the Carabobo project, which is under development.
