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Petroleum oil & Gas Industry In India

February 11, 2019



India imports 82% of its oil needs and aims to bring that down to 67% by 2022 by replacing it with local exploration, renewable energy, and indigenous ethanol fuel. Consult us for more information about the new growth sector in India.
India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally. Oil imports rose sharply to US$ 87.37 billion in 2017-18 from US$ 70.72 billion in 2016-17. India retained its spot as the third-largest consumer of oil in the world in 2017 with a consumption of 4.69 mbpd of oil in 2017, compared to 4.56 mbpd in 2016.
Oil Gas act 2018

India was the fourth-largest Liquefied Natural Gas (LNG) importer in 2017 after Japan, South Korea, and China. LNG imports increased to 26.11 bcm in 2017-18 from 24.48 bcm in 2016-17.
Gas pipeline infrastructure in the country stood at 16,771 km at the beginning of September 2018.
According to data released by the Department of Industrial Policy and Promotion (DIPP), the petroleum and natural gas sector attracted FDI worth US$ 7.00 billion between April 2000 and June 2018.
Following are some of the major investments and developments in the oil and gas sector:
  • In September 2018, the Government of Gujarat selected Energy Infrastructure Limited (EIL), a subsidiary of the Netherlands-based Energy Infrastructure Butano (Asia) BV, to set up a Liquefied Petroleum Gas (LPG) terminal at Okha with an investment of Rs 700 crore (US$ 104.42 million).
  • World's largest oil exporter Saudi Aramco is planning to invest in refineries and petrochemicals in India as it looks to enter into a strategic partnership with the country.
  • Foreign investors will have opportunities to invest in projects worth US$ 300 billion in India, as the country looks to cut reliance on oil imports by 10 percent by 2022, according to Mr. Dharmendra Pradhan, Minister of Petroleum and Natural Gas, Government of India.
  • Oil and Natural Gas Corporation (ONGC) is going to invest Rs 17,615 crore (US$ 2.73 billion) on drilling oil and gas wells in 2018-19.
References: Media Reports, Press Releases, Press Information Bureau, Ministry of Petroleum and Natural Gas, Petroleum Planning and Analysis Cell, News Articles, International Energy Agency, ibef.org

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