Betul (Goa): Prime Minister Narendra Modi Tuesday said India’s energy sector offers investment opportunities worth USD 500 billion, as the country accelerates reforms and moves from energy security towards energy independence.
Addressing the inaugural ceremony of India Energy Week 2026 via video conferencing, he said USD 100 billion investment is being targeted by the end of the decade in the upstream sector after landmark reforms and opening 1 million square kilometres of area for finding and producing oil and gas, while in the downstream, the nation is targeting to become the world’s largest oil refining hub.
The ambitious target of more than doubling the share of natural gas in the energy basket to 15 per cent by 2030 will create opportunities in LNG and pipelines, while a growing economy will fuel demand for petrochemical products, he said.
“Today, India is a land of immense opportunities for the energy sector,” the Prime Minister said, noting that as the world’s fastest-growing major economy, India’s demand for energy products is rising steadily while also creating opportunities to meet global demand.
He highlighted that India ranks among the top five exporters of petroleum products globally, supplying to more than 150 countries, and said this capacity would benefit international partners.
Emphasising India’s focus on global partnerships, Modi said the energy sector alone offers vast investment opportunities across multiple segments. He said India has significantly opened up its oil and gas exploration sector, citing the Samudra Manthan Mission for deep-sea exploration.
India aims to attract USD 100 billion in oil and gas investments by the end of the decade, with plans to expand exploration to one million square kilometres, he said. More than 170 blocks have already been awarded for exploration, while the Andaman and Nicobar basin is emerging as the next hydrocarbon frontier.
He added that reforms such as reducing No-Go areas and incorporating industry feedback into laws and regulations would improve profitability for investors.
Stating that India’s large and expanding refining capacity is a key advantage, he said the country currently ranks second globally and is poised to become the world leader. India’s refining capacity stands at around 260 million tonnes per annum, and plans are underway to scale it beyond 300 million tonnes per annum.
Highlighting rising LNG demand, Modi said India aims to meet 15 per cent of its total energy demand through gas. He pointed to opportunities across the LNG value chain, including transportation, terminals and regasification.
India is building LNG carriers domestically under a Rs 70,000 crore shipbuilding programme, he said, while investments are also being made in pipeline networks and city gas distribution, which is expanding rapidly across urban centres.
He added that growing demand for petrochemical products, driven by India’s large population and expanding economy, would require extensive energy infrastructure and create significant downstream investment opportunities.
“Today’s India is riding on the Reforms Express,” Modi said, highlighting rapid reforms to strengthen domestic hydrocarbons and create a transparent, investor-friendly environment.
He said India is “now moving beyond energy security towards the mission of energy independence,” with an ecosystem capable of meeting domestic demand and offering globally competitive exports through affordable refining and transport solutions.
“Our energy sector is at the heart of our aspirations. It holds USD 500 billion in investment opportunities,” Modi said, concluding with a call to the global community: “Make in India, Innovate in India, Scale with India, Invest in India.”
PTI
