Modi Showcases $500 Billion Energy Opportunities at India Energy Week

Mentioning India is a land of immense opportunities for the energy sector, Modi noted that India was among the top five exporters of petroleum products in the world, with export coverage extending to more than 150 countries.
Emphasizing that India is actively working on global partnerships across every sector, the Prime Minister said that in the energy sector alone, there are vast investment opportunities across different areas of the energy value chain.
Modi highlighted that India has significantly opened up its exploration sector and referred to the deep-sea exploration initiative known as the “Samudra Manthan” mission. He stated that by the end of this decade, India aims to raise investments in the oil and gas sector to USD 100 billion, with a target of expanding the scope of exploration to one million square kilometers.
The Prime Minister further noted that more than 170 blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.
Underlining that several reforms have been undertaken in the exploration sector, including reducing the’ No-Go’ areas, Modi said that suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules.
“Companies investing in the exploration sector are certain to see increased profitability,” he said.
Highlighting another distinctive strength of India that makes investment in the energy sector highly beneficial, Modi stated that India possesses a very large refining capacity and currently ranks second in the world in this regard.
The Prime Minister said that soon India will become the number one country globally in refining capacity and said that 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, a major advantage for investors.

Highlighting that LNG demand in India is continuously rising and the country has set a target to meet 15 percent of its total energy demand through LNG, the Prime Minister stressed on the the need to work across the entire LNG value chain and India is undertaking large-scale efforts in transportation.

He said that India is working to build the vessels required for LNG transportation domestically, supported by a recently launched ship-building program worth seventy thousand crore rupees.

He underlined that numerous investment opportunities have been created in constructing LNG terminals at Indian ports, as well as in regasification projects.

The Prime Minister stressed that India requires a vast pipeline network for LNG transportation, where significant investments have already been made, but large-scale opportunities still remain.

Modi observed that with India’s large population and steadily growing economy, the demand for petrochemical products will continue to rise, necessitating extensive energy infrastructure.

He affirmed that investment in this area will yield substantial growth and added that there are also abundant opportunities in downstream activities for investors. “Today’s India is riding on the ‘Reforms Express’ and undertaking rapid reforms across every sector”, Mr Modi stressed.

"Our energy sector is at the heart of our aspirations. It offers investment opportunities worth USD 500 billion. Therefore, my appeal is: Make in India, innovate in India, Scale with India, Invest in India," the Prime Minister added.