Speaking at Petrotech 2014 Conference, he said India, which is currently world's seventh largest energy producer accounting for 2.5 per cent of world's total annual energy production, "needs to increase its energy supply by 3 to 4 times over the next two decades".
Stating that India seeks clean and affordable energy, he said: "Adequate supply of energy at affordable prices is critical to our economic growth."
As India configures its policy framework to get back to the high growth rate trajectory, the development of energy sector and oil and gas exploration space must be given particular attention, he said.
With India importing 79 per cent of its oil needs and half its gas requirement, Singh said there was a need to bridge the ever-increasing gap between demand and domestic supply.
"With this in mind, we are encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment," Singh said.
Stating that the government was pursuing options to achieve energy security, he said a number of changes in energy policy regime in the last few months have been made.
The Prime Minister called for partnerships with global giants to source technology and produce oil and gas from difficult fields.