$500B Energy Bonanza: Modi Pitches India as Global Oil & Gas Investment Hub

Addressing the India Energy Week 2026, via video conferencing, being attended by representatives from nearly 125 countries in Goa, PM Modi said that the country's energy sector has vast investment opportunities across different areas of the energy value chain.

He highlighted that India has significantly opened up its exploration sector and referred to the deep-sea exploration initiative known as the Samudra Manthan Mission. By the end of this decade, India aims to raise investments in the oil and gas sector to 100 billion dollars, with a target of expanding the scope of exploration to one million square km. More than 170 exploration blocks have already been awarded, and the Andaman and Nicobar basin "is emerging as the next hydrocarbon hope," PM Modi said.

Underlining that several reforms have been undertaken in the exploration sector, including reducing the no-go areas, the Prime Minister added that suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules. He affirmed that companies investing in the exploration sector are certain to see increased profitability.

PM Modi further stated that India possesses a very large refining capacity and currently ranks second in the world, and is poised to become the number one country globally in refining capacity. The country's present refining capacity stands at around 260 million metric tonnes (MMT) per annum, and continuous efforts are underway to raise it beyond 300 MMT per annum, he added.

Highlighting that LNG demand in India is continuously rising, and the country has set a target to meet 15 per cent of its total energy demand through LNG, the Prime Minister emphasised the need to work across the entire LNG value chain and noted that India is undertaking large-scale efforts in transportation. India is working to build the vessels required for LNG transportation domestically, supported by a recently launched ship-building program worth Rs 70,000 crore. Numerous investment opportunities have also been created in constructing LNG terminals at Indian ports, as well as in regasification projects, he added.

The Prime Minister stressed that India requires a vast pipeline network for LNG transportation, where significant investments have already been made, but large-scale opportunities still remain. He pointed out that city gas distribution networks have already reached many Indian cities and are rapidly expanding to others, making this sector highly attractive for investment.

PM Modi observed that with India's large population and steadily growing economy, the demand for petrochemical products will continue to rise, necessitating extensive energy infrastructure. He affirmed that investment in this area will yield substantial growth and added that there are also abundant opportunities in downstream activities for investors.

"Today's India is riding on the Reforms Express and undertaking rapid reforms across every sector", PM Modi remarked.

He emphasised that reforms are being carried out to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations. India is developing an energy sector ecosystem capable of meeting local demand and, through affordable refining and transportation solutions, making exports highly competitive for the world, he added.

- IANS