India’s energy sector offers $500 billion opportunity – Modi

The South Asian nation is undertaking rapid reforms in every sector, its prime minister has said

India’s energy sector has investment opportunities worth $500 billion, Indian Prime Minister Narendra Modi said on Tuesday.

Addressing India Energy Week in Goa via teleconference, Modi spoke of the importance of the South Asian nation’s energy industry.

“The energy sector lies at the center of the nation’s aspirations,” he said.

Modi added that India is among the top five exporters of petroleum products in the world, with export coverage extending to more than 150 countries.

“India is riding on the Reforms Express and undertaking rapid reforms across every sector,” he said.

New Delhi has significantly opened up its exploration sector and is actively backing a deep-sea exploration initiative known as the Samudra Manthan Mission.

By the end of this decade, India aims to increase investment in the oil and gas sector to $100 billion, with a target of expanding the scope of exploration to 621,000 square miles.

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Modi noted that more than 170 blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.

India currently ranks second in the world in refining capacity, the prime minister said. The country’s current refining capacity is around 260 million metric tons (MMT) per annum, and it hopes to raise this to 300 MMT per annum.

India and Russia have reaffirmed their willingness to intensify trade and investment cooperation in the Far East and the Arctic zone, with a program covering energy and mining.