Venezuela possesses the globe’s largest confirmed oil reserves, predominantly heavy sour crude sourced from the Orinoco Belt. Indian processing facilities—notably Reliance Industries’ Jamnagar operation in Gujarat—possess the technical capability to refine this resource effectively, and over recent months India has emerged among the foremost purchasers of Venezuelan crude even as the nation’s state oil enterprise pursues expanded production involvement. Venezuela’s deepening commercial connections with international buyers and trading firms will take center stage at Venezuela Energy Week (VEW) 2027, scheduled for February in Caracas.
During May of this year, Venezuela climbed to India’s third-largest source of crude, delivering approximately 417,000 barrels daily—a notable jump from April’s 283,000 bpd—with Reliance serving as the dominant purchaser. Indian refiners have broadened their procurement strategies following disruptions along Middle Eastern shipping corridors, and Venezuelan crude grades present attractive pricing while performing strongly in India’s advanced conversion facilities. A substantial, dependable Asian consumer provides PDVSA, Venezuela’s national oil company, with an expanded commercial foundation for the production expansion that Hydrocarbons Minister Paula Henao is anticipated to discuss during VEW 2027.
Acting President Delcy Rodriguez conducted an official visit to India from June 3–7, accompanied by Venezuelan ministers overseeing foreign affairs, finance, science, and transportation. During discussions with Prime Minister Narendra Modi, she characterized India as a preferred energy ally and a reliable long-term demand source, while Modi indicated the partnership would span the complete value chain, according to Rudrendra Tandon, Secretary (East) at India’s Ministry of External Affairs. Tandon noted that “there exists a perfect complementarity for India and Venezuela to work in the energy sector, in both upstream and downstream.”
Petroleum and Natural Gas Minister Hardeep Singh Puri conveyed to Rodriguez that Indian enterprises stood prepared to expand their Venezuelan footprint, and she extended an invitation for an Indian delegation to travel there. VEW 2027 will unite the ministry, PDVSA, and international operators within a single framework to sustain this momentum.
ONGC Videsh—the overseas division of India’s Oil and Natural Gas Corporation—currently maintains interests in the San Cristóbal and Carabobo-1 ventures within the Orinoco Belt and, per Indian press reports, is engaged in discussions with PDVSA regarding assuming operatorship of both projects. PDVSA has signaled receptiveness to innovative partnership arrangements. “The only way for our ambitions to become a reality is for us to promote investments, find association schemes and present opportunities to the world,” stated PDVSA Executive Vice President Jovanny Martínez during the VEW Houston Industry Showcase in August.
External Affairs Minister S. Jaishankar advanced the bilateral relationship during September’s United Nations General Assembly, holding discussions with Venezuelan Foreign Minister Félix Plasencia González at UN headquarters. “Our energy ties are gaining momentum, besides other areas of bilateral cooperation,” Jaishankar wrote following their meeting.
Future progress in this partnership hinges on upstream accords and extended supply contracts. VEW 2027’s Deal Room and Farm-In/Farm-Out Forum will showcase producing assets and investment prospects to participants from Asia, the Americas, Europe, and the Middle East, connecting global refiners and state oil companies with PDVSA and the operators spearheading Venezuela’s production expansion.
Organized by Energy Capital & Power and held under the patronage of Acting President Delcy Rodriguez, PDVSA, and the Ministry of Hydrocarbons, Venezuela Energy Week 2027 will gather in Caracas from February 22–25. Registration is available at www.venezuelaenergyweek.com. For sponsorship or exhibition inquiries, visit www.venezuelaenergyweek.com/sponsor.
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