India and Japan on Thursday agreed to deepen cooperation on energy security by launching a comprehensive partnership on strategic petroleum reserves, resilient supply chains and maritime energy transport, as the two countries sought to strengthen energy resilience against rising geopolitical uncertainties.
The understanding was formalised through a joint statement issued by India’s Ministry of Petroleum and Natural Gas and Japan’s Ministry of Economy, Trade and Industry during Japanese Prime Minister Sanae Takaichi’s visit to New Delhi, where she held talks with Prime Minister Narendra Modi.
The two leaders described India and Japan as responsible regional powers and among Asia’s largest energy-consuming economies, underscoring the need for closer coordination to safeguard reliable and affordable energy supplies in an increasingly volatile global environment.
The agreement outlines a broad framework for cooperation spanning strategic oil stockpiling, market stability, energy transport, institutional partnerships and regular policy dialogue.
A key pillar of the partnership is collaboration in the strategic stockpiling ecosystem. Both countries agreed to share expertise on the management of national petroleum reserves, including mechanisms involving industry-held stockpiles. They also agreed to exchange experience on reserve management, coordination with oil-producing countries and emergency response measures aimed at stabilising markets during supply disruptions.
The joint statement also emphasised the need to amplify the voice of major energy-consuming countries in global energy discussions. India and Japan said they would work together on information sharing regarding market trends, coordinate efforts to improve supply assurance and explore mechanisms to reduce price volatility.
As part of this effort, the two sides will examine opportunities to secure energy supplies from third countries and explore commercial investments in upstream oil and gas assets overseas. Such cooperation is expected to diversify supply sources and reduce vulnerabilities arising from geopolitical tensions and supply concentration.
Recognising the strategic importance of maritime energy logistics, India and Japan also agreed to strengthen cooperation in oil and gas transportation. The statement said both countries would explore collaborative opportunities, including joint investments across the maritime energy transport value chain, with the objective of making energy transportation more resilient, efficient and self-reliant.
Institutional collaboration forms another major component of the agreement. The two governments will facilitate closer engagement between Indian national oil companies, Indian Strategic Petroleum Reserves Limited (ISPRL), Japan Organization for Metals and Energy Security (JOGMEC), Japan Bank for International Cooperation (JBIC) and other relevant stakeholders. The cooperation is expected to include technical exchanges, financial collaboration and joint initiatives across the energy sector.
To ensure implementation of the agreed initiatives, both countries decided to use the India-Japan Joint Working Group on Petroleum and Natural Gas, functioning under the India-Japan Energy Dialogue, as the principal platform for consultations. The mechanism will enable officials and industry representatives to exchange knowledge, review progress and identify new opportunities for collaboration.
The energy resilience partnership comes at a time when global energy markets continue to face uncertainty stemming from geopolitical conflicts, supply chain disruptions and fluctuating oil prices. Both India and Japan depend heavily on imported crude oil and liquefied natural gas, making energy security a strategic priority for their economies.
The agreement also reflects growing convergence between New Delhi and Tokyo on regional energy cooperation. The joint statement highlighted India’s efforts to strengthen energy security in South Asia and Japan’s Partnership on Wide Energy and Resources Resilience (POWERR Asia), signalling that both countries see regional initiatives as complementary to their bilateral engagement.
The latest initiative further expands the strategic partnership between India and Japan, which has steadily broadened beyond infrastructure, manufacturing.