Goa, July 27 Prime Minister Narendra Modi on Tuesday said India’s energy sector offers investment opportunities worth $500 billion, as he invited global oil and gas majors to invest across the energy value chain.
Addressing India Energy Week 2026 via video conference in Goa, attended by delegates from nearly 125 countries, Modi said India has created a transparent and investor-friendly ecosystem through sustained reforms.
He said the exploration sector has been significantly opened up, with over 170 blocks awarded and plans to expand exploration acreage to one million sq km by the end of the decade. India aims to attract $100 billion in oil and gas investments, with the Andaman and Nicobar basin emerging as a key hydrocarbon prospect.
Modi said India currently ranks second globally in refining capacity at around 260 million metric tonnes per annum, and is on track to become the world’s largest refiner by expanding capacity beyond 300 MMT.
Highlighting rising LNG demand, he said India aims to meet 15 per cent of its energy needs through LNG, creating opportunities across LNG terminals, regasification, pipelines, shipping and city gas distribution. Domestic LNG shipping will be supported by a ₹70,000-crore shipbuilding programme, he added.
The Prime Minister also pointed to strong growth prospects in petrochemicals and downstream segments, driven by India’s expanding economy and rising consumption.
“India is riding on the Reforms Express,” Modi said, adding that continued policy reforms are strengthening domestic hydrocarbons while positioning India as a globally competitive energy hub.
