Why in the News?
Prime Minister Narendra Modi addressed the inauguration of India Energy Week 2026 via video conferencing, highlighting India’s growing role in the global energy sector, major investment opportunities.
India Energy Week 2026
- Representatives from nearly 125 countries participated
- Emerged as a global platform for energy dialogue and action
- Focus on energy security, sustainability, and global partnerships
- Venue: Goa
Key Highlights from the Prime Minister’s Address
India’s Energy Potential
- India is the world’s fastest growing major economy
- Rising domestic energy demand and strong export capacity
- Among the top five exporters of petroleum products, supplying over 150 countries
- Large opportunities across the entire energy value chain
Oil and Gas Exploration Sector
- India has opened up its exploration sector significantly
- Linked to Samudra Manthan Mission for deep sea exploration
- Targets by end of decade
- 100 billion dollars investment in oil and gas
- Exploration area expanded to 1 million sq km
- Over 170 blocks already awarded
- Andaman and Nicobar Basin emerging as a new hydrocarbon zone
- Reduction of No Go areas and regulatory reforms undertaken
Refining and Petrochemicals
- India ranks second globally in refining capacity
- Current capacity: around 260 MMT per annum
- Target: exceed 300 MMT per annum and become number one globally
- Rising demand for petrochemical products due to population and economic growth
Liquefied Natural Gas (LNG) Focus
- Target to meet 15 percent of total energy demand through LNG
- Investment opportunities across LNG transportation, LNG terminals and Regasification infrastructure
- Domestic shipbuilding supported by ₹70,000 crore shipbuilding programme
- Expansion of National gas pipeline network and City gas distribution systems
Energy Reforms and Vision
- India moving from energy security to energy independence
- Focus on Transparent, Investor friendly and Reform driven ecosystem
- Estimated 500 billion dollars investment opportunity in India’s energy sector
| [2019] Consider the following statements:
1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India 2. One of the tasks of PNGRB is to ensure competitive markets for gas 3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity. Which of the statements given above are correct? (a) 1 and 2 only (b) 2 and 3 only (c) 1 and 3 only (d) Neither 1 nor 2 |
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