Shares of major Indian oil and gas companies, Reliance Industries Limited (RIL) and Oil & Natural Gas Corporation (ONGC), experienced significant gains on January 5, 2026, following a major geopolitical development in Venezuela. RIL shares surged to a new 52-week high, while ONGC's stock climbed by up to 2%. This market reaction came after reports confirmed that the United States military conducted a large-scale operation in Venezuela on January 3, 2026, leading to the capture of Venezuelan President Nicolás Maduro. Financial analysts, including those from Jefferies, swiftly highlighted the potential positive implications for Indian refiners. They indicated that a US takeover or influence over Venezuela's oil sector could lead to the lifting or easing of sanctions, thereby providing Indian companies like Reliance with renewed access to heavily discounted Venezuelan heavy crude. Reliance's Jamnagar refinery, being one of the most sophisticated globally, is particularly well-equipped to process this specific type of crude, which typically trades at a discount of $5-8 per barrel to Brent, offering a significant boost to gross refining margins. ONGC is also anticipated to benefit, especially through its overseas arm, ONGC Videsh, which holds equity stakes in Venezuelan oil projects such as San Cristobal and Carabobo-1. Analysts believe that improved operating conditions could facilitate the recovery of long-pending unpaid dividends, potentially amounting to around $500 million, and revive stalled capital expenditure plans. While the immediate impact on global crude prices was initially muted due to Venezuela's currently suppressed output, the medium-term outlook suggests a potential increase in Venezuelan production with US investment, which could influence global supply dynamics and prices. India has a historical strategic interest in Venezuelan oil, having been a major importer before US sanctions in 2019 disrupted trade. The current developments are seen as a potential pathway for India to diversify its crude sourcing strategy and enhance its energy security, though the situation remains subject to geopolitical negotiations and the pace of Venezuela's oil infrastructure recovery.