New Delhi

Prime Minister Narendra Modi on Tuesday called on global investors to tap into India’s rapidly expanding energy sector, highlighting investment opportunities worth nearly USD 500 billion and asserting that the country is on track to emerge as the world’s largest oil refining hub in the near future.

Speaking at India Energy Week (IEW) 2026, Modi urged international companies to invest across key segments such as refining, oil and gas exploration, LNG infrastructure, city gas distribution and downstream petrochemicals.

“The energy sector lies at the core of India’s growth ambitions. It offers investment opportunities of around USD 500 billion. My message to the world is simple — Make in India, innovate in India, scale with India and invest in India,” the Prime Minister said.

He noted that India aims to attract USD 100 billion in investments in the oil and gas sector by 2030. As part of this expansion, the country’s refining capacity is planned to increase from the current 260 million tonnes per annum (MTPA) to over 300 MTPA.

Modi said India has significantly liberalised its exploration and production regime, creating new prospects for investors. The government has reduced no-go areas, introduced policy reforms based on industry feedback and expanded the scope of exploration activities.

“Our goal is to open up exploration over one million square kilometres. More than 170 blocks have already been awarded, and regions such as the Andaman and Nicobar basin are emerging as promising hydrocarbon zones,” he said, adding that deep-sea exploration under the ‘Samudra Manthan’ initiative is also progressing.

Highlighting India’s strengths, the Prime Minister pointed out that the country already ranks second globally in refining capacity and is poised to take the top position soon. This scale, he said, provides a strong competitive advantage for investors.

He also emphasised the growing role of liquefied natural gas (LNG) in India’s energy mix. The government has set a target of meeting 15 per cent of total energy demand through LNG, which opens opportunities across the entire value chain — from terminals and ports to re-gasification facilities and pipeline networks.

India is simultaneously scaling up LNG transportation infrastructure, including domestic shipbuilding capabilities. Modi noted that a Rs 70,000 crore shipbuilding programme has recently been launched to support this effort.

The Prime Minister highlighted city gas distribution as another high-growth area, with networks expanding rapidly to new urban centres. Rising incomes, population growth and industrial demand are also expected to drive increased consumption of petrochemicals, necessitating large investments in energy infrastructure.

“India is implementing reforms at an unprecedented pace to create a transparent, investor-friendly ecosystem in hydrocarbons and allied sectors,” Modi said, adding that the country is moving beyond energy security towards energy self-reliance.

With competitive refining and transportation costs, India aims not only to meet domestic energy needs but also to strengthen its position as a reliable energy exporter, he added.

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India Energy Week 2026 brings together global policymakers, industry leaders and innovators, serving as a key platform to promote energy security, sustainability and inclusive growth.