Inaugurates IEW 2026 via video conferencing
Betul: Prime Minister Narendra Modi on Tuesday emphasised that India is actively working on global partnerships across every sector, adding that by the end of this decade India aims to raise investment in the oil and gas sector to $100 billion.
Addressing the gathering after inaugurating the fourth edition of the India Energy Week 2026 via video conferencing on Tuesday being held at ONGC, Betul in Goa, Modi remarked that in the energy sector alone there are vast investment opportunities across different areas of the energy value chain.
There are plans to expand the scope of exploration to one million square kilometres, he said, noting that more than 170 blocks have already been awarded.
The Andaman and Nicobar basin is emerging as the next hydrocarbon hope, Modi said.
Highlighting that the India Energy Week has, in a very short span of time, emerged as a global platform for dialogue and action, the Prime Minister said that India today is a land of immense opportunities for the energy sector.
“India is among the top five exporters of petroleum products in the world, with export coverage extending to more than 150 countries. This capacity of India will be of great benefit to all,” he said.
Underlining that several reforms have been undertaken in the exploration sector, including reducing the No-Go areas, Modi added that suggestions received during previous editions of the India Energy Week have been incorporated into changes in Acts and Rules.
He maintained that companies investing in the exploration sector are certain to see increased profitability.
Speaking about another distinctive strength of India that makes investment in the sector highly beneficial, the Prime Minister said that India possesses a very large refining capacity and currently ranks second in the world in this industry.
“Soon India will become number one country globally in refining capacity. India’s present refining capacity stands at around 260 MMT per annum, and continuous efforts are underway to raise it beyond 300 MMT per annum,” he said.
Highlighting that LNG demand in India is continuously rising, and that the country has set a target to meet 15 per cent of its total energy demand through LNG, the Prime Minister emphasised the need to work across the entire LNG value chain and noted that India is undertaking large-scale efforts in transportation.
Modi said India is working to build the vessels required for LNG transportation domestically, supported by a recently launched Rs 70,000 crore shipbuilding programme.
He underlined that numerous investment opportunities have been created in constructing LNG terminals at Indian ports, as well as in re-gasification projects.
