Venezuela is among the largest crude oil suppliers to India in April and May 2026. Photo: @HardeepSPuri
Indian firms ready to expand in Venezuela as New Delhi strengthens energy partnership
India plans deeper energy cooperation with Venezuela as crude imports rise. Indian firms are ready to expand investments in the country's oil and gas sector, said Puri
Amid the ongoing West Asia conflict that has disrupted the global fuel supply chain, India, in a bid to boost energy trade with Venezuela, conveyed to the South American country’s leadership that Indian companies were ready to expand their presence in the country.
The development took place during a meeting between Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Venezuela's Acting President Delcy Rodriguez, who is currently in New Delhi.
According to a statement issued by the Ministry of Petroleum and Natural Gas on Friday (June 5), both leaders discussed opportunities to build an enduring energy partnership between the two countries.
Push for stronger energy ties
During the, Puri pointed out that India and Venezuela share a natural partnership rooted in a long-standing friendship between the two countries.
"He reaffirmed India's strong support for Venezuela's energy reconstruction, adding that Indian companies are ready to deepen their presence in Venezuela. Recognising Venezuela's key role in India's energy diversification strategy, he conveyed India's keenness to deepen its energy trade with Venezuela", the statement said.
Also Read: India, Venezuela explore long-term energy partnership as crude trade gains momentum
Acknowledging India as a reliable partner of Venezuela, the Acting President welcomed Indian companies to actively participate in Venezuela’s reformed oil and gas sector. She highlighted the complementarities that exist between India and Venezuela in the energy sector and invited an Indian delegation to visit Venezuela to explore opportunities for enhanced collaboration.
Venezuela’s role in diversification plans
“Venezuela, home to the world's largest proven oil reserves, is a traditional supplier of crude oil to India. India's sophisticated refining sector is uniquely equipped to process Venezuela’s heavy crude,” stated the release.
Also Read: Choked by Gulf conflict, India turns to Venezuela as third-largest crude supplier
It further stated that as geopolitical and supply disruptions impacted crude oil imports from the Gulf, India is engaging with Venezuela as a strategic partner for its energy diversification.
Venezuela is among the largest crude oil suppliers to India in April and May 2026, a reflection of its future potential. India’s average monthly imports from Venezuela increased from 64.027 TMT during FY 2025-26 to 1,047.148 TMT during April- May of FY 2026-27.
Indian investments in Venezuelan oil sector
Indian Public Sector Companies have had an established presence in Venezuela’s upstream sector, since 2008, demonstrating their long-term commitment. India's total investment in Venezuela's oil sector stands at approximately USD 1 billion in the San Cristóbal and Petrocarabobo-1 projects located in the Orinoco Belt.