India is actively looking to deepen the participation of its companies in Venezuela’s oil and gas sector, as New Delhi accelerates its strategy to diversify crude imports amid ongoing disruptions in West Asia.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said Indian firms are increasingly willing to expand their operational presence in the South American nation.
The statement came during high-level discussions between Minister Puri and Venezuela’s Acting President Delcy Eloína Rodríguez Gómez in New Delhi, where both sides explored opportunities to strengthen collaboration across the upstream and downstream energy value chain.
According to officials, the engagement reflects India’s broader push to secure stable and diversified energy supplies at a time when geopolitical tensions have disrupted traditional supply routes through the Strait of Hormuz.
The talks assume significance against the backdrop of continuing instability in West Asia, which has impacted global oil flows and heightened concerns over energy security for import-dependent economies like India.
With nearly 90% of India’s crude oil requirement met through imports, disruptions in key shipping lanes have pushed refiners to look toward alternative suppliers across Latin America, Africa, and other non-Gulf regions.
Venezuela, which holds the world’s largest proven crude reserves, has emerged as a strategically important supplier in India’s evolving energy mix. Recent months have seen a sharp rise in Venezuelan crude shipments to India, signalling a renewed phase in bilateral energy cooperation.
Officials noted that India views Venezuela as a long-term energy partner due to its ability to supply heavy crude grades that align well with the configuration of certain Indian refineries.
India’s crude imports from Venezuela have seen a strong uptick, with shipments rising significantly in recent months compared to previous fiscal periods. The trend highlights India’s effort to rebalance its crude sourcing strategy by increasing exposure to non-Middle Eastern suppliers.
Indian refiners have been actively increasing procurement from Venezuela alongside other Latin American and African producers, including Brazil, Nigeria, and Angola, as part of a broader diversification push.
Industry experts note that Venezuelan crude is particularly suited for complex refining facilities such as those operated by major Indian refiners, making it a valuable addition to India’s import portfolio despite logistical and geopolitical constraints.
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Indian public sector companies have maintained a presence in Venezuela’s oil sector for over a decade, with investments in key upstream assets in the Orinoco Belt. The cumulative Indian investment in Venezuela’s hydrocarbon sector is estimated at around $1 billion.
Officials indicated that the latest discussions also focused on unlocking stranded value from existing investments, expanding upstream participation, and exploring new joint ventures in exploration and production.
Venezuela, in turn, has invited Indian companies to play a larger role in its ongoing energy sector reforms and infrastructure expansion plans.
Both India and Venezuela underscored the complementarity between the two economies, Venezuela’s vast hydrocarbon reserves and India’s large refining and consumption base.
The engagement is being viewed as part of India’s long-term strategy to build resilient energy partnerships that reduce exposure to supply shocks arising from geopolitical instability and chokepoint vulnerabilities.
Officials also highlighted the potential for expanded cooperation beyond oil and gas, including critical minerals, pharmaceuticals, and industrial investments.
India’s renewed engagement with Venezuela signals a clear shift toward building a more geographically diversified and resilient energy import strategy.
As global supply chains remain volatile, Caracas is emerging as a key alternative supplier in India’s long-term energy security framework.
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