India targets $100 bn oil and gas investments by decade-end: Modi

Betul, Goa: India aims to raise investments in the oil and gas sector to $100 billion by the end of the decade, Prime Minister Narendra Modi said, adding that the country is now seeking energy independence.

“India is now moving beyond energy security and working towards the mission of energy independence,” Modi told a gathering of industry executives, investors and policymakers at India Energy Week on Tuesday. “India is developing an energy-sector ecosystem that can meet its domestic demand, while also enabling globally competitive exports through affordable refining and transportation solutions.”

India’s energy sector lies at the centre of the nation’s aspirations, offering investment opportunities worth $500 billion, Modi said, pitching to global investors.


“Today’s India is riding the reforms express and undertaking rapid reforms across every sector,” Modi said, highlighting several changes in the exploration sector, including freeing up more areas that were earlier barred from exploration. Several suggestions received during previous editions of India Energy Week have been incorporated into amendments to Acts and Rules, he added.

India has set a target of expanding the scope of exploration to one million square kilometres, Modi said, adding that more than 170 blocks have already been awarded, and that the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.

Efforts are being made to raise the country’s refining capacity from around 260 million metric tonnes per annum (MMTPA) to above 300 MMTPA, Modi said, adding that this expansion presents a “major advantage” for investors.

Modi also highlighted investment opportunities in building LNG import terminals and expanding the city gas network in the country. “For LNG transportation, we are working to build the required vessels within India itself. Recently, a Rs 70,000-crore programme has been launched for shipbuilding in India,” he said.

In a country like India, with a growing population and a fast-growing economy, demand for petrochemical products will continue to rise, Modi said. “This means we will need large-scale energy infrastructure, and investments in this area will also deliver significant growth for you,” he added