ONGC Videsh gets licence to operate upstream oil, gas projects in Venezuela

ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has received a licence to operate oil and gas projects in Venezuela, Bloomberg reported on Wednesday.

The development was confirmed by ONGC Chief Financial Officer Anupam Agarwal during the company's earnings call.

Agarwal said ONGC Videsh is looking to work with partners in upstream oil and gas projects in the South American nation. "It is a focus area for ONGC," he reportedly told analysts.

He also said the company is in touch with Venezuelan authorities regarding investments in its two existing projects with joint venture partners.

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INDIA-VENEZUELA ENERGY TIES GROWING

The development comes two months after Venezuela's Acting President Delcy Eloína Rodríguez Gómez visited India in June.

During the visit, Petroleum and Natural Gas Minister Hardeep Singh Puri met Rodríguez in New Delhi along with senior ministry officials and heads of public sector oil companies.

Puri reaffirmed India's support for Venezuela's energy sector and said Indian companies were ready to deepen their presence in the country. He also expressed India's interest in expanding energy trade with Venezuela.

Rodríguez welcomed Indian companies to participate in Venezuela’s reformed oil and gas sector. She also invited an Indian delegation to visit Venezuela to explore opportunities for enhanced collaboration.

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WHY VENEZUELA MATTERS TO INDIA

Venezuela holds the world's largest proven oil reserves and has traditionally supplied crude oil to India.

The government has said India's refining sector is well suited to process Venezuela's heavy crude.

As geopolitical tensions and supply disruptions affected imports from the Gulf, India has been strengthening ties with Venezuela as part of its energy diversification strategy.

Venezuela emerged as one of India's largest crude suppliers during April and May 2026.

According to government data, India's average monthly crude imports from Venezuela rose sharply from 64.027 thousand metric tonnes (TMT) in FY 2025-26 to 1,047.148 TMT during April-May of FY 2026-27.

Indian public sector companies have been operating in Venezuela's upstream oil sector since 2008.

India has invested about $1 billion in the San Cristóbal and Petrocarabobo-1 projects in Venezuela's Orinoco Belt.