India’s oil and gas sector is growing exponentially with significant investment potential; driven by government focus on energy security, initiatives towards enabling energy access to all and rising energy demand with a focus on sustainability.
234.3 MMT
India’s petroleum product consumption in 2023-24 reflecting an almost 50% growth from 158.4 MMT in 2013-14
~25,000 Km
Operational Natural Gas pipeline. Further, 10,805 km of natural gas pipelines are under various stages of construction.
7,395 CNG
Stations are operational in the country, which is more than 10 times compared to 738 stations in May 2014. Likewise, PNG connections have risen from 2.54 Mn in May 2014 to around 13.9 Mn at present
Crude Oil, Natural Gas and Petroleum Refinery Products are among eight core industries in India. In the fiscal year 2023-24, India produced 29.4 Mn metric tons (MMT) of crude oil and 36.4 Bn cubic meters (BCM) of natural gas, while importing 234.3 MMT of crude oil, 48.7 MMT of petroleum products and 31.7 BCM of liquified natural gas (LNG) to meet rising energy demand. During the same period, India consumed 234.3 MMT of petroleum products and exported 62.6 MMT of petroleum products worth $47.7 Bn. Notably, 67 million people visit refuelling stations every day in India.
To bolster India’s exploration and production segment and streamline operations, several initiatives have been implemented. These include policies such as the Hydrocarbon Exploration and Licensing Policy (HELP), a 99% reduction in ‘No-Go’ areas in Indian offshore zones and the introduction of the Urja Pragati Platform for faster clearances and easier compliance through self-certification, reducing the number of approvals. Additionally, the establishment of the National Data Repository (NDR) enhances transparency and accessibility of vital energy sector data and information. India’s energy landscape is rapidly evolving, with the country boasting 651.8 Mn metric tons of recoverable crude oil reserves and 1,138.6 Bn cubic meters of recoverable natural gas reserves within its sedimentary basins. India’s E&P sector offers investment opportunities worth $100 Bn by 2030.
India offers opportunities worth $67 Bn investment as the share of Natural Gas increases from 6.7% to 15% in the energy mix by 2030. In this regard, a significant development is the expansion of India’s City Gas Distribution (CGD) network, aiming for complete national coverage (excluding Islands).
India will drive 25% of global energy demand growth (2020‑2040) and lead oil demand growth (2023‑2030) as the world’s 3rd largest consumer
India plans to enhance its refining capacity from the current 256.8 MMTPA to 310 MMTPA by 2030, aiming to meet both increasing domestic and export markets.
India presents an investment opportunity worth $67 Bn, driven by the target of increasing the share of natural gas in the energy mix from 6.7% to 15% by 2030.
The government has taken various steps like introducing a biofuel blending target/ obligation for increasing domestic biofuel production and consumption.
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