India and Japan have agreed to deepen cooperation to strengthen energy security and improve resilience against global geopolitical risks. The understanding was reached during the meeting between Prime Minister Narendra Modi and Prime Minister Sanae Takaichi in New Delhi on July 2.
Both countries will work together on strategic crude oil and petroleum reserves by sharing expertise on stockpiling systems, reserve management, emergency response and coordination with oil-producing nations to improve supply security.
India and Japan will also cooperate to strengthen the voice of major energy-consuming countries. The focus will be on sharing market information, supporting stable energy markets, exploring energy supplies from third countries and evaluating joint upstream investment opportunities overseas.
The two sides also agreed to explore cooperation in oil and gas transportation, including joint investments across the maritime energy transport value chain, to make energy supply chains more reliable and efficient.
To support these efforts, institutions such as Japan’s JOGMEC and JBIC, along with Indian National Oil Companies and Indian Strategic Petroleum Reserves Limited (ISPRL), will work together on technical and financial cooperation.
Progress on these initiatives will be reviewed through the India-Japan Joint Working Group on Petroleum and Natural Gas under the India-Japan Energy Dialogue, which will serve as the main platform for discussions and future collaboration.
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