India’s energy sector offers investment opportunities worth $500 billion, with plans to raise refining capacity beyond 300 million metric tonnes per annum (MMTPA), expand oil and gas exploration to one million square kilometres, and mobilise $100 billion in upstream investments by the end of this decade, Prime Minister Narendra Modi said on Tuesday at the inauguration of India Energy Week 2026.
Addressing the gathering via video conferencing, the Prime Minister said India’s expanding economy and rising energy demand are creating sustained opportunities across the energy value chain, including refining, exploration, LNG infrastructure and downstream petrochemicals.
Trade agreements set backdrop for energy partnerships
Before outlining sectoral plans, the Prime Minister referred to a major recent development, saying that India and the European Union signed a significant agreement a day earlier, which he said is being described globally as the “mother of all deals”.
“This agreement represents nearly 25 per cent of global GDP and about one-third of global trade,” the Prime Minister said, adding that beyond trade, the deal strengthens commitment to democracy and the rule of law.
He said the agreement will complement India’s trade arrangements with Britain and EFTA, strengthen global supply chains, and boost confidence among global businesses and investors. “This trade deal will not only boost manufacturing in India but also expand the services sector further,” he said.
Refining, exports and upstream expansion
Highlighting India’s refining strength, the Prime Minister said the country’s current refining capacity stands at around 260 MMTPA, with efforts underway to raise it beyond 300 MMTPA.
He noted that India is among the top five exporters of petroleum products, with exports reaching more than 150 countries, and said this scale offers advantages to global partners.
On upstream investments, the Prime Minister said India aims to raise $100 billion in oil and gas investments by the end of this decade, while expanding exploration coverage to one million square kilometres. He said over 170 exploration blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.
“Suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules,” he said, adding that reforms such as reduction in No-Go areas are intended to improve outcomes for investors.
City gas and downstream growth
The Prime Minister said city gas distribution networks have already expanded across many Indian cities and are continuing to grow, creating further opportunities for investment.
With India’s large population and growing economy, he said demand for petrochemical products will continue to rise, requiring expanded downstream energy infrastructure.
Reforms and energy independence
“Today’s India is riding on the Reforms Express,” the Prime Minister said, adding that reforms are being undertaken to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations.
He said India is moving beyond energy security towards energy independence, building an energy ecosystem capable of meeting domestic demand and supporting competitive exports through affordable refining and transportation.
Concluding his address, the Prime Minister invited global investors with the message: “Make in India, Innovate in India, Scale with India, Invest in India.”