India is now Moving Beyond Energy Security to Energy Independence: PM Modi at IEW
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Port Wings News Network:
India is now moving beyond energy security towards the mission of energy independence, Prime Minister Narendra Modi has said.
Addressing a gathering during the inauguration ceremony of India Energy Week 2026 via video conferencing on 27 January 2026, Modi said: “India is developing an energy sector ecosystem capable of meeting local demand and, through affordable refining and transportation solutions, making exports highly competitive for the world.”
Modi stated: “Today’s India is riding on the Reforms Express and undertaking rapid reforms across every sector. Reforms are being carried out to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations.”
Speaking on the occasion, Modi remarked that in this new edition of Energy Week, representatives from nearly 125 countries have gathered in Goa. He highlighted that they have come to India to discuss an energy-secure and sustainable future and welcomed all the participants.
Highlighting that India Energy Week has, in a very short span of time, emerged as a global platform for dialogue and action, Prime Minister remarked that “Today India is a land of immense opportunities for the energy sector.”
He underlined that India is the world’s fastest growing economy, which means the demand for energy products in the country is continuously rising. Modi noted that India is 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, Modi remarked 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 100 billion dollars, with a target of expanding the scope of exploration to one million square kilometers. 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.
Underlining that several reforms have been undertaken in the exploration sector, including reducing the No-Go areas, Modi added that suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules. He affirmed that companies investing in the exploration sector are certain to see increased profitability.
Prime Minister Modi highlighted another distinctive strength of India that makes investment in the energy sector highly beneficial.
He noted 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. The Prime Minister underlined that this represents 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 emphasized the need to work across the entire LNG value chain and noted that India is undertaking large-scale efforts in transportation.
Modi remarked that India is working to build the vessels required for LNG transportation domestically, supported by a recently launched ship-building program worth 70,000 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. He pointed out that city gas distribution networks have already reached many Indian cities and are rapidly expanding to others, making this sector highly attractive for investment.
The Prime Minister underlined that India’s energy sector lies at the center of the nation’s aspirations, offering investment opportunities worth 500 billion dollars. He concluded his remarks by calling upon the global community with the message: Make in India, Innovate in India, Scale with India, Invest in India.
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, Chief Minister of Goa, Pramod Sawant were present among other dignitaries at the event.
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