Prime Minister Narendra Modi on Tuesday urged global energy players to invest in India’s energy sector across exploration and downstream sectors, saying the country offers investment opportunities worth $500 billion.
The country is now moving towards energy independence as it has ensured energy security in the last few years, Modi said in a speech at the inaugural session of India Energy Week 2026.
He said the government’s goal is to attract $100 billion in oil and gas investment by 2030.
India is the third largest oil importer, taking about 90% of its oil needs from other countries. Ongoing geopolitical tensions, including in West Asia, US intervention in Venezuela and sanctions against key Russian oil suppliers, have prompted Indian refiners to diversify their import basket.
“The energy sector is at the heart of our aspirations. It offers opportunities worth $500 billion. So I urge all players to make in India, innovate in India, scale with India and invest in India,” he said.
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“India is developing an energy sector ecosystem capable of meeting local demand and making exports highly competitive globally with affordable refining and transportation solutions,” he added.
Apart from trying to diversify its energy sources, India is also trying to increase domestic hydrocarbon production. He also highlighted efforts to open up its exploration sector and mentioned the Samudra Manthan mission aimed at promoting deep-sea exploration.
“The Andaman and Nicobar Basin is emerging as another hydrocarbon prospect,” the Prime Minister said. Under the Hydrocarbon Exploration and Grant Policy (HELP), the government has earmarked four oil and gas exploration blocks in the Andaman-Nicobar Basin covering approximately 23,261 square kilometers,” he said.
In addition, four more blocks with a total area of 47,058 square kilometers have been offered in the Andaman Basin, he added.
India’s Hydrocarbon Resource Assessment Study (HRAS) estimates hydrocarbon resources at 371 million metric tonnes of oil equivalent (MMTOE) in the Andaman-Nicobar Basin.
In September 2025, state-owned Oil India Ltd announced a “natural gas occurrence” in an offshore block won by the company under the Open Acreage Licensing Policy (OALP).
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Reform pressure
Talking about reform measures in the field of exploration, including the reduction of no-go areas, Modi added that companies investing in the exploration sector will certainly see increased profitability.
Emphasizing that demand for liquefied natural gas (LNG) is growing in the country and that the country has set a target of meeting 15% of its total energy demand through LNG, the Prime Minister emphasized the need to work across the entire LNG value chain.
“India is working to build the vessels needed to transport LNG domestically, supported by a recently launched shipbuilding program worth ₹70,000 crore,” he said while highlighting investment opportunities in the construction of LNG terminals at Indian ports as well as regasification projects.
Modi highlighted investment opportunities in LNG pipelines, city gas distribution and the petrochemical space.
Pointing out that India is among the top five exporters of petroleum products in the world with export coverage in 150 countries, he said that India can develop the largest refining capacity in the world and the government is aiming to increase India’s refining capacity to 300 million tonnes from the current 260 million tonnes.
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“Today’s India is on a reform drive and is carrying out rapid reforms in all sectors,” Modi said, adding that the government has taken several reform measures to boost domestic hydrocarbons and ensure a transparent and investor-friendly environment for global cooperation.
Some of the reform measures include the Oilfields (Regulation and Development) Amendment Act, 2025 and the Petroleum and Natural Gas Rules, 2025, which have significantly strengthened the country’s upstream ecosystem.
Speaking at the event, Union Petroleum and Natural Gas Minister Hardeep Singh Puri also noted that India’s energy demand will continue to expand, with all sources growing.
By 2050, India’s share of global energy demand is projected to increase by nearly 30-35% to reach around 10% of total global energy demand.
“However, with per capita energy consumption still only about 40% of the global average, India’s growth path remains necessary and responsible,” Puri said.
On the government’s efforts to limit the impact of global volatility, Puri said, “Despite prolonged global volatility, India has protected its citizens from severe price shocks.”
While fuel prices in many major economies rose significantly after 2021, prices in Delhi in 2025 remained lower than in 2021, he said, adding that for more than 100 million Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries, LPG prices remained at around $5.5-6, the lowest globally.
Rituraj Baruah is in Panaji on the invitation of the Union Ministry of Petroleum and Natural Gas.
