Potential shifts in crude oil flows amid sweeping geopolitical changes, a sharper focus on upstream strategy and efforts to deepen global collaboration while accelerating clean fuel ambitions will be in the spotlight as speakers and delegates gather in the western city of Goa for India Energy Week, seeking clarity on the country’s evolving energy roadmap.
From developments in Venezuela and their impact on oil flows, to refiners’ efforts to reduce hydrogen costs and adopt artificial intelligence, the conference, taking place from Jan. 27 to Jan. 30, will debate a wide range of critical issues essential for preparing for the energy future of a market that, according to the International Energy Agency, will contribute more than 35% of global incremental energy demand in the foreseeable future.
“The spotlight will remain on whether the crude import share of traditional suppliers will bounce back in 2026 as Russian flows remain under pressure due to sanctions,” said Premasish Das, executive director for oil analytics at S&P Global Energy CERA.
“India is diversifying supply from non-OPEC sources, and we might see increased flows from countries such as the US,” Das said. “And if Venezuelan flows open, that will also whet the appetite of private Indian refiners such as Reliance, which has been a leading user of Venezuelan crude in the past.”
In addition, delegates are expected to seek answers on the extent to which the share of imports from new and non-OPEC suppliers, such as Brazil and Guyana, could increase.
“Crude inflows, as well as oil storage, are key priorities given sweeping geopolitical changes — from Venezuela to Russia,” H.P.S. Ahuja, former CEO and managing director of Indian Strategic Petroleum Reserves Ltd., told Platts, part of S&P Global Energy. “Crude imports will witness adjustments as India looks to diversify purchases amid stepped-up oil diplomacy.”
India imported about 300,000 b/d of Venezuelan-origin crude oil in 2019, but volumes fell to 25 million barrels for the whole of 2024, according to S&P Global Commodities at Sea.
In 2025, a total of five VLCCs — one per month — discharged crude at the port of Sikka, with the last discharge occurring in May 2025, CAS data show.
Prior to the imposition of sanctions, Reliance was a leading buyer of Venezuelan crude in India. The grades imported by Indian refiners, such as Merey-16 and Hamaca, are typically classified as heavy crude.
“Merey has always been a strategic crude for complex refineries in India, especially those equipped with large-scale cokers,” said B. Anand, industry expert and former CEO of Nayara Energy.
“Post-sanctions, these refineries would be keen to resume supplies, having perfected optimal blending and processing techniques over years of operating this grade,” Anand said. “However, PDVSA will need substantial investment to ramp up production and, more importantly, to restore well-level quality control so that crude assays are consistent with the pre-sanctions specifications refiners were accustomed to.”
Striking a balance
Delegates expect Indian energy companies and policymakers to address a key question: whether newer forms of energy will rapidly replace fossil fuels, or whether India’s energy growth story will be robust enough to accommodate the continued use of fossil fuels alongside new energy sources.
Indian Oil Corp. Chairman Arvinder Singh Sahney said that IOC aims to boost its oil product offerings for domestic and overseas markets by about 20% over the next two years, following the completion of its ongoing refinery expansion, which will boost the state-run company’s market share.
While conventional fossil fuels will remain a key priority, sustainability considerations will drive the need to embrace the energy transition, according to Sahney. As a result, the share of green hydrogen, biofuels, ethanol and sustainable aviation fuel is expected to grow within IOC’s energy portfolio.
Hindustan Petroleum Corp. Ltd. Chairman and Managing Director Vikas Kaushal said the company continues to build on its core oil and gas marketing business.
“But we all know the era of transition is here. HPCL is getting ready for this. We are also working on the gas economy. Gas as a bridging fuel has a lot of potential in India, and we are deeply invested in it,” Kaushal said.
Upstream focus
In the upstream sector, collaboration and efforts to boost domestic oil and gas production will be another key focus area, as New Delhi seeks to gauge international companies’ investment appetite for the country’s E&P projects.
In its latest upstream rounds, India is offering up to 50 oil and gas exploration blocks.
Under the Open Acreage Licensing Policy Bid Round-X, 25 blocks spanning 182,589 sq km across 13 sedimentary basins — including onshore, shallow water, deepwater and ultra-deepwater areas — have been offered. Additionally, nine contract areas are available under the Discovered Small Fields Round-IV, while 16 coalbed methane blocks are on offer in the special CBM bid rounds.
The bid submission deadline for all blocks is Feb. 18, 2026, at 12 pm Indian Standard Time.
While chairing a meeting earlier in January to discuss the preparedness for IEW, Petroleum Minister Hardeep Singh Puri said, “The aim is to improve the quality and time taken for seismic data acquisition and processing efficiency to match global benchmarks, and transition toward cloud-based seismic data management and processing to strengthen India’s efforts to enhance exploration and production of hydrocarbons.”
A government statement on IEW highlights key legislative and regulatory reforms undertaken under the Oilfields (Regulation and Development) Act and the new Petroleum and Natural Gas Rules, 2025, noting that these changes would strengthen the upstream ecosystem.
“The latest upstream reforms have introduced single petroleum leases covering exploration, production, decarbonization and integrated energy projects, time-bound approvals, with petroleum lease decisions mandated within 180 days, long-term lease stability, with leases of up to 30 years, extendable to the economic life of the field, infrastructure sharing mechanisms to optimize national energy assets and investor risk mitigation, including robust arbitration frameworks and compensation safeguards,” the statement said.
Puri said that this year’s focus on innovation, green finance and scalable clean energy technologies highlights the urgent need for coordinated global action.
Source: Platts
