Union Petroleum Minister Hardeep Singh Puri on Friday, 17 July 2026, reviewed the overseas upstream exploration and production (E&P) portfolio of India's state-owned energy companies, reaffirming the country's strategy of securing long-term, diversified energy supplies through equity stakes and strategic partnerships across more than 20 countries.

Context

Posting on X, Minister Puri stated that India's energy public sector undertakings (PSUs) are 'pursuing global assets including equity oil, dividend models and strategic partnerships alike, to secure long-term, diversified energy supplies for the country.' The review covered the combined international footprint of ONGC Videsh, Indian Oil Corporation (IOCL), Bharat PetroResources Limited (BPRL), Oil India Limited (OIL), and GAIL (India) Limited.

Together, these entities hold equity in active producing assets and key development projects in countries including Mozambique, Brazil, UAE, Venezuela, and Libya, with the minister noting that 'cumulative investments running into billions of dollars' have been committed across these geographies.

Policy Backdrop

India's push for overseas equity oil dates to the early 2000s. ONGC Videsh acquired a stake in Russia's Sakhalin-I project in 2001, establishing the template for state-led international E&P investments. The Hydrocarbon Vision 2025 document, released in 2000, formally recommended that Indian PSUs pursue overseas opportunities to reduce the country's dependence on crude imports.

India currently imports over 80 percent of its crude oil requirements, making supply diversification a structural imperative. In 2016, India signed an MoU with Mozambique for development of the Rovuma LNG project, in which both ONGC Videsh and OIL hold stakes — one of the most significant African upstream commitments by Indian PSUs.

The geographic spread reviewed by the minister — spanning North America, Latin America, the CIS region, the Middle East, Africa, and Asia Pacific — mirrors strategies adopted by other large Asian importers competing for upstream acreage globally.

Stakeholders and Impact

The five PSUs under review collectively represent India's primary vehicle for acquiring 'equity barrels' — crude oil produced from assets in which Indian companies hold an ownership stake, as distinct from spot or term purchases on the open market. Equity oil provides a degree of price insulation and supply predictability that market purchases cannot guarantee.

For domestic crude importers and refiners, a robust overseas portfolio translates into greater negotiating leverage and supply chain resilience. IOCL and BPRL, in particular, complement their refining operations with upstream equity positions, creating an integrated supply model. GAIL's international stakes extend India's reach into LNG supply chains critical for the country's gas-based transition ambitions.

What's Next

The Petroleum Ministry is expected to conduct quarterly portfolio reviews of PSU overseas assets, with fresh bidding opportunities in Brazil's pre-salt rounds and UAE offshore blocks being closely watched by Indian energy planners. Minister Puri framed the review as 'a clear reaffirmation that India's energy security strategy extends confidently beyond our shores,' signalling continued government appetite for expanding the international upstream footprint.

As global energy markets remain volatile, India's ability to grow its equity oil base — and reduce reliance on price-exposed spot purchases — will be a key metric of the country's long-term energy security posture under the Modi government.