India targets $100 billion oil and gas investment by 2030

India is seeking $100 billion in new oil and gas investment by 2030, even as it pushes a faster clean-energy buildout, underscoring the government’s view that hydrocarbons will remain central to meeting demand in the world’s fastest-growing major economy.

Prime Minister Narendra Modi outlined the target at India Energy Week 2026 in Goa, pitching India as a long-term destination for capital across upstream exploration, refining, gas infrastructure and petrochemicals, while arguing the transition will require “energy addition” across fuels rather than a rapid substitution.

“Our energy sector is at the heart of our aspirations, it holds $500 billion in investment opportunities,” Modi said, urging investors to “Make in India, Innovate in India, Scale with India, Invest in India.”

“By the end of this decade, India aims to raise investments in the oil and gas sector to $100 billion,” he said, adding that the government wants to expand the country’s hydrocarbon exploration footprint to 1 million sq. km.

The renewed pitch reflects a familiar dilemma. India’s energy demand is rising sharply, driven by urbanization, industrial growth and transport needs, while domestic oil and gas output has not kept pace. India is the world’s third-largest energy consumer and imports close to 90% of its crude oil, leaving it exposed to geopolitical shocks and price swings.

India has pledged to install 500 gigawatts of non-fossil power capacity by 2030 and to reach net-zero emissions by 2070, but policymakers have repeatedly argued that oil and gas will remain essential during the transition, particularly for industrial feedstocks and for balancing intermittent renewables.

Modi framed the strategy as a move from energy security to energy independence, arguing India should capture more value at home by expanding production, refining and export capacity rather than relying overwhelmingly on imported crude.

“India is now moving beyond energy security towards the mission of energy independence,” he said.

A central plank is upstream exploration, an area where India has historically struggled to attract sustained foreign investment.

Modi said India has “significantly opened up its exploration sector,” and that more than 170 blocks have already been awarded under successive bidding rounds. He also flagged the Andaman and Nicobar basin as “the next hydrocarbon hope.”

Modi said the government has tried to improve terms for explorers, including by reducing restricted “no-go” areas, and by incorporating industry feedback into changes in laws and rules governing the sector.

“Suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules,” he said.

Downstream remains India’s strongest selling point. Modi said India’s refining capacity stands at around 260 million metric tons per annum, with efforts underway to lift it beyond 300 million, and he argued the country is positioned to deepen its role as an exporter of petroleum products. “Soon India will become the number one country globally in refining capacity,” he said.

Natural gas is being pitched as a bridge fuel. Modi said India is targeting gas to meet 15% of its energy demand, up from a much smaller share today, and said that would require investment across the LNG chain, including import terminals, regasification, pipelines and city gas networks.

He also pointed to a domestic shipbuilding program worth ₹70,000 crore to support construction of LNG transport vessels in India.

Other developments at India Energy Week underlined how India is trying to broaden both supply ties and transition pathways.

Canada said it wants to expand energy trade with India, with its energy minister calling Canada’s heavy dependence on the US export market a “strategic blunder” and pointing to potential future shipments of crude, LNG and uranium.

India’s petroleum ministry said Bharat Petroleum Corp. Ltd (BPCL) is set to sign a $780 million term deal to buy 12 million barrels of crude from Brazil’s Petrobras in FY27, part of a push to diversify away from constrained sources.

The ministry also flagged deals expected around the event, including an MoU involving Numaligarh Refinery and TotalEnergies on a sustainable aviation fuel project and a preliminary LNG purchasing arrangement involving Oil India, Numaligarh and TotalEnergies.

Meanwhile, India and Canada signed a joint statement on energy cooperation on the sidelines of the conference, reopening a ministerial energy dialogue spanning conventional and clean energy.