India’s top oil firm ONGC is hoping to recover about USD 413 million of unpaid dividend from an oilfield in Venezuela after sanctions on the Latin American nation were eased, a top source said on Thursday. The US Treasury Department partially lifted sanctions on Venezuela’s oil and gas sector last week. The partially lifted sanctions are through a new six-month license authorising transactions in the country’s oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year’s presidential election.
