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India Eyes $100B Oil, Gas Boost by 2030
28 Jan
Summary
- India plans $500 billion energy sector investments.
- Upstream investments target $100 billion by 2030.
- Refining capacity to exceed 300 million tonne per annum.
India is targeting substantial growth in its energy sector, aiming for investments totaling $500 billion. Prime Minister Narendra Modi announced plans to mobilize $100 billion in upstream oil and gas investments by the end of this decade. This initiative includes expanding oil and gas exploration coverage to 1 million square kilometers.
Refining capacity is set to increase beyond 300 million tonne per annum (MTPA), up from the current 260 MTPA. India is already a significant exporter of petroleum products, supplying over 150 countries. The Andaman and Nicobar basin is emerging as a key area for future hydrocarbon exploration.
Reforms such as reducing no-go areas and improving city gas distribution networks are being implemented to foster a transparent and investor-friendly environment. The Prime Minister invited global investors to 'Invest in India,' highlighting opportunities in refining, exploration, LNG infrastructure, and downstream petrochemicals.
