India upstream investment plan targets USD 100 billion and 1 million sq km by 2030

India set out plans to draw USD 100 billion in upstream investment by 2030. Srikant Nagulapalli, Director General of Hydrocarbons, said exploration acreage should reach 1 million sq km. The pitch was made at CERAWeek by S&P Global 2026. Officials said new policies, better data access, and more flexible bidding were key attractions.

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At an outreach event on March 24, India presented a USD 100 billion investment roadmap. The aim was to position India as a leading option for global capital. Industry leaders at the venue also raised concerns about geopolitical risk. They said the energy transition was complex, with competing goals around cost, supply, and emissions.

India-US energy cooperation and upstream investment roadmap

India’s Consul General in Houston, DC Manjunath, linked the push to closer India-US ties. "There is a growing strategic convergence in India-US energy cooperation. We are creating a competitive, investor-friendly ecosystem where American technology and Indian resources dont just meet -- they thrive together,\" DC Manjunath said. Officials said the message was aimed at international operators and investors.

Nagulapalli repeated the 2030 targets and urged long-term investors to look at India. \"For any investor thinking about the future, India is the right place to invest,\" Nagulapalli said. Nagulapalli said policy steps were meant to lower risk for new entrants. The focus included clear rules, stable fiscal terms, and simpler operations.

India exploration acreage expansion and production targets

Nagulapalli said oil and gas output must rise from current levels. India produces about 29 million tonnes of oil each year. Gas output is over 36 billion cubic metres annually. Nagulapalli said better reservoir management could lift recovery. Nagulapalli added that deepwater and ultra-deepwater work should increase.

Officials highlighted the National Data Repository and its node at the University of Houston. They said firms could review geological and seismic datasets locally. This was presented as a way to cut early-stage costs. Officials said easier data access supported better investment decisions. Participants said it also helped connect global capital with India’s resource base.

OALP bid rounds and India data access reforms

Officials also pointed to Open Acreage Licensing Policy OALP bid rounds. They said offered blocks included marketing and pricing freedom. Officials cited recent changes meant to improve operational flexibility. They also said reforms aimed to provide fiscal stability. Policymakers, operators, and executives attended, and discussed how rules affected investment decisions.

Global energy leaders at the conference focused on energy security and supply risk. Executives warned that tensions, especially in the Middle East, still threatened supply. \"Energy security remains front and centre of global policy,\" speakers said during sessions. Participants also spoke about how supply disruptions could affect prices and planning.

Speakers also flagged rising demand as a structural trend. They linked growth to emerging economies and new users like artificial intelligence. Data centres were also cited as big power consumers. Participants said these shifts complicated efforts to balance affordability and reliability. They added that climate goals continued to shape policy debates.

India was often cited as a major demand driver in these discussions. Participants said urbanisation and industrial growth should keep consumption rising. They also discussed reconfigured global LNG markets. A surge in electricity demand was another key theme. Speakers said these trends mattered for import-dependent economies such as India.

Outside the venue, climate protests highlighted divisions over fossil fuel investment. Participants said the global outlook was being pulled in different directions. They cited energy security needs, economic growth targets, and climate commitments. India’s pitch at CERAWeek by S&P Global 2026 sat within that wider debate on investment and supply.

With inputs from PTI