Indian Companies Ready to Deepen Their Presence in Venezuela: Petroleum Minister

New Delhi, June 5: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri called on Delcy Eloína Rodríguez Gómez, Acting President of the Bolivarian Republic of Venezuela, in New Delhi on Thursday, together with senior officials of the Ministry and the Chairpersons of various public sector oil companies. The high-level meeting focused on opportunities for building an enduring energy partnership between the two countries. 

During the meeting, Minister Puri noted that India and Venezuela share a natural partnership rooted in a long-standing friendship between the two nations. He reaffirmed India’s strong support for Venezuela’s energy reconstruction and made clear 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. 

Acknowledging India as a reliable partner, the Acting President welcomed Indian companies to actively participate in Venezuela’s reformed oil and gas sector. She highlighted the complementarities that exist between the two countries in the energy sector and invited an Indian delegation to visit Venezuela to explore opportunities for enhanced collaboration. 

Venezuela’s Strategic Role in India’s Energy Diversification 

Venezuela is home to the world’s largest proven oil reserves and has been a traditional supplier of crude oil to India. India’s sophisticated refining sector is uniquely equipped to process Venezuela’s heavy crude, making the two countries natural partners. As geopolitical and supply disruptions have impacted crude oil imports from the Gulf, India has been engaging with Venezuela as a strategic partner for energy diversification. 

The scale of that engagement is already visible in trade data. Venezuela is among the largest crude oil suppliers to India in April and May 2026 — a reflection, officials say, of the future potential of the relationship. India’s average monthly imports from Venezuela surged from 64.027 TMT during FY 2025-26 to 1,047.148 TMT in April–May of FY 2026-27, an increase of more than fifteen-fold that underscores just how rapidly this energy corridor has been activated. 

Indian public sector companies have maintained an established presence in Venezuela’s upstream sector since 2008, demonstrating a long-term commitment that predates the current strategic push. India’s total investment in Venezuela’s oil sector stands at approximately USD 1 billion, concentrated in the San Cristóbal and Petrocarabobo-1 projects located in the Orinoco Belt. That foundation of existing investment gives Indian companies both the operational familiarity and the credibility to scale up quickly as Venezuela’s reformed sector opens further to foreign participation. 

India–Venezuela Energy Partnership: Key Numbers 

 Source

• PIB Delhi, June 5, 2026 | TMT = Thousand Metric Tonnes
•  https://www.pib.gov.in/PressReleasePage.aspx?PRID=2269161&reg=3&lang=1