India Eyes Venezuela Oil Blocks, Regains Sakhalin Stake

India is exploring the acquisition of operatorship in two Venezuelan oil blocks after ONGC Videsh Ltd. (OVL) regained its stake in Russia's Sakhalin-1 project. The move is part of India's strategy to strengthen overseas energy assets, diversify crude oil supplies, and enhance long-term energy security amid evolving global geopolitical conditions.

India is exploring the possibility of taking over the operatorship of two oil blocks in Venezuela following the restoration of ONGC Videsh Ltd.'s (OVL) stake in Russia's Sakhalin-1 oil and gas project. The initiative forms part of India's broader strategy to strengthen its overseas energy portfolio, diversify crude oil supply sources, and improve long-term energy security amid changing geopolitical dynamics.

According to government and industry sources, India is assessing the possibility of assuming operational control of the San Cristobal and Carabobo-1 oil blocks in Venezuela. The move follows recent progress in restoring OVL's participation in Russia's Sakhalin-1 project, where the company regained its stake after regulatory approvals from Russian authorities. These developments are expected to strengthen India's presence in global upstream oil and gas assets.

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India has consistently pursued overseas energy investments through OVL to secure stable hydrocarbon supplies for its rapidly growing economy. With domestic crude production meeting only a small portion of national demand, the country relies heavily on imports, making overseas oil and gas assets an important component of its long-term energy strategy. Acquiring operatorship in Venezuelan fields would provide greater operational control while supporting future production and investment decisions.

The proposed expansion comes as Venezuela seeks to revive its energy sector through greater international participation following the easing of certain sanctions and renewed engagement with foreign partners. India has maintained long-standing energy ties with Venezuela, one of the world's largest holders of proven crude oil reserves, and has previously invested in multiple upstream projects through OVL.

Industry experts believe that expanding India's overseas energy footprint could improve supply resilience while reducing exposure to market disruptions. Diversifying investments across regions such as Russia, Latin America, and the Middle East enables India to secure long-term crude supplies and strengthen its position in global energy markets. At the same time, operatorship would allow Indian companies to play a larger role in field development, production planning, and operational management.

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The developments in Venezuela and Russia highlight India's continued focus on strengthening energy security through strategic overseas investments. By expanding its participation in major oil-producing regions, the country aims to secure reliable crude supplies, enhance operational capabilities, and support its growing energy requirements in an increasingly uncertain global environment.