India is targeting US$100 billion in investment in the country’s oil and gas sector by 2030, according to Prime Minister Narendra Modi.
India is aiming to become the world’s largest oil refining hub, backed by investment opportunities worth US$500 billion, according to the prime minister’s opening remarks at the inaugural ceremony of India Energy Week.
“We are working to take our investment in the oil and gas sector to US$100 billion by the end of this decade,” Modi said.
India has opened up its exploration sector, with Modi pointing to the deep-sea exploration initiative known as the Samudra Manthan Mission.
The initiative, launched in August 2025, aims to develop technologies for exploring and sustainably utilising the deep ocean’s living and non-living wealth.
India aims to expand the scope of exploration to one million square kilometres.
The prime minister noted that more than 170 blocks have already been awarded and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.
The prime minister also outlined plans to expand the country’s refining capacity from 260 million tonnes per annum to 300 million tonnes per annum in the next few years.
Modi noted that India possesses a very large refining capacity and currently ranks second in the world in this regard.
India has set a target to meet 15 per cent of its total energy demand through LNG and is undertaking large-scale efforts to scale the entire LNG value chain.
Modi remarked that India is working to build the vessels required for LNG transportation domestically, supported by a recently launched ship-building program worth 700 billion Indian rupees.
Modi said that India is undertaking policy changes to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations.
