Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday said Indian companies are willing to deepen their presence in Venezuela, underscoring the South American nation's growing importance in India's energy diversification strategy amid disruptions to global oil supplies caused by the West Asia conflict.Puri conveyed the message during talks with Venezuelan Acting President Delcy Eloína Rodríguez Gómez in New Delhi, where the two sides discussed expanding cooperation across the oil and gas value chain and building what India described as an enduring energy partnership."Indian companies are ready to deepen their presence in Venezuela," Puri said, while reaffirming India's support for Venezuela's energy sector reconstruction and expressing New Delhi's interest in expanding bilateral energy trade.The meeting comes at a time when India is increasingly looking beyond its traditional West Asian suppliers after the ongoing US-Israel-Iran conflict disrupted oil flows through the Strait of Hormuz, a key maritime chokepoint that handles a significant share of global crude shipments. Indian refiners have raised purchases from Venezuela and other non-Gulf producers to offset supply disruptions and reduce dependence on the region.Energy insurance amid Hormuz disruptionsVenezuela, which possesses the world's largest proven oil reserves, has emerged as one of India's leading crude suppliers in recent months. According to the Petroleum Ministry, the country's average monthly crude exports to India jumped from 64.027 thousand metric tonnes (TMT) during FY2025-26 to 1,047.148 TMT during April-May of FY2026-27.The ministry said Venezuela was among India's largest crude suppliers during April and May, reflecting what it described as the country's "strong growth potential" as a long-term energy partner.India's outreach to Venezuela has gathered pace as the Strait of Hormuz crisis has forced refiners to diversify crude sourcing. Reuters reported that Indian refiners increased purchases from Venezuela, Brazil, Angola and Nigeria after shipments from parts of West Asia were disrupted by the conflict, while New Delhi sought to secure alternative supplies.During Thursday's meeting, Rodríguez described India as a reliable partner and invited Indian companies to participate more actively in Venezuela's reformed oil and gas sector. She also invited an Indian delegation to visit Venezuela to explore fresh investment opportunities.Indian officials have highlighted what they call a natural complementarity between the two countries — Venezuela's vast crude reserves and India's large and growing refining sector, which is capable of processing the heavy grades of Venezuelan crude.Existing Indian investmentsIndian public sector companies have maintained a presence in Venezuela's upstream oil sector since 2008. According to the ministry, India's cumulative investment in the country's hydrocarbon sector stands at around $1 billion through the San Cristóbal and Petrocarabobo-1 projects in Venezuela's Orinoco Belt.The government said the latest discussions focused on strengthening long-term energy cooperation and ensuring stable crude supplies as India continues to pursue a diversified import basket in an increasingly uncertain geopolitical environment.