Quitol (Goa): India is seeking to nearly quadruple investment in its oil and gas sector by the end of this decade, as Prime Minister Narendra Modi said the country is targeting USD 100 billion in investment in a sector currently valued at around USD 23 billion. Inaugurating India Energy Week (IEW) 2026 on Tuesday, Modi said India was “striving to increase investment in our oil and gas sector to USD 100 billion by the end of this decade,” pitching the country as a long-term destination for global energy capital.
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Industry estimates from Mordor Intelligence value India’s oil and gas sector at about USD 23 billion at present, indicating that the government’s stated investment ambition would involve a multi-fold expansion of the sector over the coming years.
Modi invited investors to participate across India’s energy value chain — spanning exploration and production, refining, liquefied natural gas (LNG) infrastructure, city gas distribution (CGD) and petrochemicals — linking the opportunity to India’s rapid economic growth and rising energy demand.
The Prime Minister said India plans to expand its oil and gas exploration area to one million square kilometres as part of efforts to attract upstream investment. Referring to reforms and initiatives such as the Samudra Manthan mission for deep-sea exploration, Modi said more than 170 exploration blocks have already been awarded, while identifying the Andaman and Nicobar basin as an emerging hydrocarbon province.
Highlighting India’s role as a major global refining hub, Modi said the country has an installed crude oil refining capacity of about 260 million metric tonnes per annum (MMTPA) and ranks among the world’s top five exporters of petroleum products, supplying more than 150 countries.
“Today, India's refining capacity is approximately 260 MMTPA. Continuous efforts are being made to increase it to over 300 MMTPA. This is a huge advantage for investors,” he added.
Modi said India’s LNG demand is rising steadily, with the government targeting LNG to account for 15 percent of the country’s total energy mix, requiring investment across the LNG value chain, including import terminals and transportation infrastructure.
He also pointed to opportunities in domestic shipbuilding, noting that India is moving to manufacture LNG carriers locally and has launched a Rs 70,000 crore programme to expand shipbuilding capacity.
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With a growing population and expanding economy, demand for petrochemical products in India is expected to increase steadily, Modi said, creating the need for large-scale energy and industrial infrastructure and opening further avenues for downstream investment.
