Goa: Prime Minister Narendra Modi, on Tuesday, called India a crucial player in the emerging global energy scenario, highlighting the country’s growing export potential, investment-friendly reforms, and increasing role in the global energy security framework.
Inaugurating the fourth edition of India Energy Week 2026 in Goa, Prime Minister Modi said that “Today, India is one of the top five exporters of petroleum products in the world, and we are supplying energy to over 150 countries.”
The Prime Minister described India Energy Week as a “premier international event” and encouraged global players to tap into India’s rapidly developing energy landscape, stating that the country’s potential could be a “game-changer” in meeting global energy demand.
The four-day event is taking place in Goa from January 27 to 30. Modi confirmed that a major agreement between India and the EU was reached yesterday. He called it a historic achievement, terming it the ‘mother of all deals.’ According to Modi, the agreement will open enormous opportunities for 1.4 billion Indians and millions of Europeans. It will be a shining example of coordination between two large global economies.
Together, these economies account for nearly 25% of global GDP and a third of global trade. This agreement also reiterates the commitment to democracy and the rule of law. The Prime Minister stated that the India-EU FTA would complement other free trade agreements India has signed with the UK and the European Free Trade Association (EFTA). He said this would improve global supply chains and increase trade. Modi congratulated India’s youth and citizens and stated that sectors such as textiles, gems and jewelry, leather, and footwear would be major beneficiaries of this agreement.
Moving on to the energy sector, Modi emphasized the huge investment opportunities available throughout the entire value chain. He mentioned radical changes in exploration and production, such as deep-sea exploration under Mission Samudra Manthan. India plans to attract $100 billion in oil and gas investments by the end of the decade and increase its exploration area to one million square kilometers. Over 170 blocks have already been allocated, with the Andaman Nicobar basin identified as a new promising area for hydrocarbon exploration.
The huge refining capacity of India was mentioned as another major advantage. Second only to the US, India is set to become the world’s largest refiner, with its refining capacity likely to grow from the current 260 MMTPA to above 300 MMTPA. Modi also emphasized increasing demand for LNG, with a target to meet 15 percent of total energy requirements through LNG, creating opportunities in the shipping, terminal, pipeline, and re-gasification sectors.
Union Minister Hardeep Singh Puri emphasized that the transition in the energy sector, energy security, and economic development should be synchronized. He said that the growth in energy demand is being driven by the emerging economies, although the challenges of access and affordability still persist. Although there has been rapid growth in the renewable energy sector, he said that the traditional energy sources are also important and that neglecting oil and gas could lead to volatility in the global energy market.
Positioning India at the forefront of the global energy transition, Union Minister Hardeep Singh Puri said that the demand for energy in India will continue to grow across all energy sources, and by 2050, it could potentially account for around 10 percent of the global energy demand.