ONGC Videsh runs an oil joint venture with Venezuela's state oil company, and an international consortium with three Indian firms won a Carabobo project in the Orinoco belt

Background

The Embassy of India in Caracas records that the two countries marked the 65th Anniversary of establishment of diplomatic relations in 2024, and that Resident Embassies have been in Caracas and New Delhi for over four decades.
In the hydrocarbon sector, ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (CVP), a subsidiary of PdVSA, run a joint venture called PetroleraIndovenezolana SA for the production and exploration of oil in the San Cristobal field. OVL holds 40% of it and PDVSA has 60%, and the OVL investment in the project is approximately US$ 200 million.
An international consortium of ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), Oil India Limited (OIL), Repsol of Spain and Petronas of Malaysia was declared the winner of an international bidding process in April 2008 to develop an oil project in Carabobo in the Orinoco belt of Venezuela.
On trade, the embassy gives bilateral trade for 2023-24 as 1,175.02 USD million in all, made up of Indian exports of 175.33 and Indian imports of 999.69, on figures from DGCI&S, Kolkata. Mineral fuels and oils head the embassy's list of main items in both directions, and on the embassy's own figures India's imports from Venezuela are far larger than its exports to it.
On the cultural side, an India Chair was set up at the University of Los Andes and at the Central University of Venezuela in Caracas, and the Dr. B.R. Ambedkar Study Centre was inaugurated in Caracas. The Mahatma Gandhi Foundation Venezuela runs regular diploma courses on Gandhian philosophy, and the International Day of Yoga has been celebrated annually since 2015.