India targets $500b energy investments to expand oil, gas, LNG

The government plans $100b for oil and gas exploration by 2030.

Prime Minister Narendra Modi said India aims to attract $500b in investments across its energy sector.

Addressing the inauguration of India Energy Week 2026 via video conference, Modi said delegates from nearly 125 countries had gathered in Goa to discuss pathways toward a secure and sustainable energy future.

He described the event as having rapidly evolved into a major global platform for collaboration and deal-making.

“India today stands at the centre of global energy aspirations,” Modi said, highlighting that the country’s expanding economy and rising fuel demand were creating opportunities across the entire energy value chain.

The Prime Minister said India is offering investment prospects worth half a trillion dollars, spanning oil and gas exploration, refining, liquefied natural gas (LNG), pipelines, petrochemicals and downstream industries.

He outlined plans to raise $100b in investments in oil and gas exploration by the end of the decade, supported by reforms that have opened new acreage and reduced restricted zones.

More than 170 exploration blocks have already been awarded, while the Andaman and Nicobar basin is emerging as a new hydrocarbon frontier, he said.

Modi also underlined India’s growing strength in refining, noting that the country currently ranks second globally with capacity of about 260 million tonnes per annum, which is being expanded beyond 300 million tonnes.

With LNG targeted to meet 15% of India’s energy demand, the Prime Minister pointed to large opportunities in shipping, terminals and regasification facilities.

He said the government’s new ₹70,000-crore shipbuilding programme aims to enable domestic construction of LNG carriers, whilst extensive pipeline and city gas distribution networks are being rolled out nationwide.

Rising consumption of petrochemicals and related products in the fast-growing economy would require massive new infrastructure, Modi said, offering further scope for private and foreign capital.

Modi also referred to a major India–European Union trade agreement signed a day earlier, describing it as a landmark pact covering nearly a quarter of global GDP and one-third of world trade.

He said the deal, along with earlier agreements with Britain and the European Free Trade Associationm would strengthen supply chains and boost investor confidence in India.

Modi said India was moving from energy security toward energy independence, driven by rapid reforms and a more transparent, investor-friendly regulatory environment.