PM Modi urged global energy companies to invest in India’s energy sector, including exploration and downstream activities. He said the country offers investment opportunities worth $500 billion.
India is moving toward energy independence, having achieved energy security in recent years, Modi stated during the inaugural session of India Energy Week 2026. He mentioned that the government aims to attract $100 billion in investments for oil and gas exploration by 2030.
India’s Energy Sector Offers $500-Billion Investment Opportunity
India, the third-largest oil importer, sources about 90% of its crude oil from other countries. Ongoing geopolitical tensions, including those in West Asia and US actions in Venezuela, along with sanctions on key Russian oil suppliers, have pushed Indian refiners to diversify their sources.
“The energy sector is central to our goals. It has opportunities worth $500 billion. So, I call upon all players to make in India, innovate in India, scale with India, and invest in India,” he said.
“India is building an energy sector ecosystem that can meet local demand while also making exports highly competitive through affordable refining and transportation solutions,” he added.
Also boost domestic hydrocarbon production
Country is also working to boost domestic hydrocarbon production along with developing India’s energy sector . He highlighted progress in opening the exploration sector and referenced the Samudra Manthan Mission, which aims to enhance deep-sea exploration.
“The Andaman and Nicobar basin is becoming the next hydrocarbon frontier,” the prime minister said. Under the Hydrocarbon Exploration and Licensing Policy (HELP), the government has allocated four blocks for oil and gas exploration in the Andaman-Nicobar Basin, covering about 23,261 square kilometers.
Additionally, another four blocks totaling 47,058 square kilometers have been offered in the Andaman Basin, he added.
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