Oil and Natural Gas Corp (ONGC) is set to sign agreements with Venezuela to operate two oil blocks under the South American nation's new petroleum law, Reuters reported, citing company officials. Its overseas arm, ONGC Videsh Ltd (OVL), has secured a licence from the US Office of Foreign Assets Control (OFAC) to operate oil and gas projects in Venezuela. OVL holds a 40 per cent stake in the San Cristobal field and, with other Indian partners, an 18 per cent stake in the Carabobo-1 project.