India’s energy demand is on a long-term upward curve, and the implications go far beyond supply charts and capacity targets. At The Economic Times Oil & Gas Annual Conference & Expo held 26-28 November 2025 in New Delhi, industry leaders were clear on one thing that meeting this demand will require patient capital, realistic expectations from global investors, and a hard look at how India balances growth with decarbonisation.Abhijit Mazumder, Director Finance, Oil India, set the tone by highlighting the structural reality shaping investment decisions.
“India’s energy demand will stay ahead of the global average for the next two decades, and meeting it will require patient, long-term capital — especially in upstream exploration where only a small share of our sedimentary basins has been tapped,” he said.
With India still exploring only a fraction of its 26 sedimentary basins, Mazumder added that the upstream story is far from mature. He said that unlocking this potential will be critical not just for energy security but also for moderating the import bill in an era of volatile geopolitics and tightening climate commitments.
If upstream is about patient geology and capital, the clean-energy transition is about behaviour and choices. Vinod Tahiliani, Chief Financial Officer – RBML, BP India, said that the real inflection point might come from the demand side, not the boardroom.
“Capital for the clean-energy transition is available, but the real shift will happen only when Indian consumers actively choose greener options — because oil companies are fully prepared to invest, scale and offer cleaner mobility solutions the moment demand strengthens,” he added.
Tahiliani said that global players were already lining up capital, technology and operating models for low-carbon mobility. What they need is a credible, durable signal from the market – sustained demand for cleaner fuels, EV charging, CNG, LNG and other low-emission options that can justify large, long-horizon bets.
Sandeep Jain, Managing Director, ValPro, framed India’s energy story as one of simultaneous expansion across fuels rather than a simple handover from hydrocarbons to renewables.
“India’s energy demand is rising in step with its GDP growth, and while gas and renewables are accelerating, the oil molecule will remain central to our energy mix for the next decade even as we push hard to expand pipelines, CGD networks and cleaner fuels like LPG,” said Jain.
He stressed that gas is emerging as a crucial bridge fuel, supported by expanding pipeline infrastructure, the near-completion of the national gas grid, and the widening footprint of city gas distribution networks. At the same time, LPG’s role in improving household health and providing a relatively lower-carbon cooking fuel, especially in underprivileged communities, remains a vital part of India’s decarbonisation narrative.
Taking a step back, Aniruddha Banerjee, CGM, Finance, ONGC, offered a blunt reminder of India’s starting point and said that this is still an energy-deficit nation.
“For a country that remains energy-deficit, this is not a phase of energy transition but energy addition, and our ability to fund tomorrow’s low-carbon projects depends entirely on keeping today’s oil and gas business strong enough to generate that capital,” he said.
Banerjee argued that in the Indian context, fossil fuels and renewables are not substitutes in the short to medium term; they are interdependent. The cash flows from oil and gas are, in many cases, the very engine that finances renewable projects, green hydrogen pilots and large-scale decarbonisation initiatives. Weakening the core hydrocarbon business too quickly, he warned, could inadvertently starve the transition of the very capital it needs.
Across the discussion, one theme emerged repeatedly: Coexistence, not replacement. Oil, gas, renewables, biofuels, and emerging technologies like CCUS will have to grow together to support a fast-expanding economy that is targeting higher living standards for hundreds of millions of citizens.
For investors, policymakers and businesses, the message was clear:
India’s energy future will be shaped by long-term capital, informed risk-taking and a pragmatic recognition that today’s molecules are still paying for tomorrow’s electrons.
