Target of $100 billion investment in oil and gas sector by decade-end: PM Modi unveils 'energy expansion' plan

NEW DELHI: Prime Minister Narendra Modi on Tuesday said India is targeting $100 billion in investments in the oil and gas sector by 2030, as he pitched the country as a major destination for global energy investment at India Energy Week 2026."We are working to take our investment in the Oil and Gas Sector to $100 billion by the end of this decade," said the PM.Further talking about the growth in oil and refinery, he added, “India is a land of opportunities for the energy sector as demand is continuously increasing … India will soon become the world's largest oil refining hub." He also said India’s broader energy sector offers investment opportunities worth $500 billion and outlined plans to expand the country’s oil refining capacity from 260 million tonnes per annum to 300 MTPA in the coming years.Highlighting economic reforms, PM Modi also said that India is “riding the reforms express” and undertaking policy changes across sectors to make it easier for investors to do business.The Prime Minister also linked energy growth with international trade partnerships, saying the India-EU Free Trade Agreement complements the India-UK trade deal and will support manufacturing and services.Referring to the India-EU pact as the “mother of all deals,” Prime Minister said it has opened up significant opportunities for both India and Europe and represents “an excellent example of coordination between two economies.” He noted that the agreement covers 25 per cent of global GDP and one-third of global trade. India Energy Week 2026 is being positioned as a key global platform bringing together policymakers, industry leaders and innovators to discuss energy security, sustainability and inclusive growth.