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India's Energy Industry

India

in figures

Oil reserves4.5 billion barrels

Oil production746,000 bopd

Gas reserves1.3 tcm

Gas production28.5 bcm

India: Demand for Investment

India’s oil and gas industry has long been a rising pillar in the country’s economic development. While India is a net importer of hydrocarbons, with the International Energy Agency forecasting dependence on oil imports to rise to 90% by 2040, E&P activities have grown considerably to match the country’s growing energy consumption. The government has made successful revisions of its policies and pricing to incentivise exploration, production and downstream activities, including early production royalty concessions and allowance of 100% FDI participation in many areas of the energy industry.

Most of India’s oil reserves are located in the west of the country, in particular in the western offshore region near Gujarat and Rajasthan. The Assam-Arakan basin in India’s northeast is also an important oil-bearing area. These regions contain mature fields where production is currently declining. EOR and redevelopment projects are underway to minimise production decline, with new technologies raising interest for investors looking to participate in brownfield projects. The country’s upstream sector is dominated by India’s NOC ONGC and its subsidiaries, with massive participation from local and foreign independents.

Outside of its upstream sector, India’s downstream sector has grown considerably to match raised production and petroleum imports. Local players Indian Oil Corporation, Bharat Petroleum Corporation and Reliance Industries have traditionally taken up more than 60% of the local refining market. LNG terminals have also grown around India’s coastline, with more penned for further development. The nation is also actively looking to increase its gas pipeline infrastructure to increase industrial development in regional areas and support economic equality between its states and union territories.

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India - March 15, 2024

Larsen & Toubro has secured a major onshore gas pipeline project in the Middle East.

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India expects $5 billion in gas investments in its northeast
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India - March 06, 2024

As India targets raising the share of gas in its energy mix, anticipated investment in gas pipelines in the northeast is USD…

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Equinor signs 15-year LNG deal with Deepak Fertilisers
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India - February 19, 2024

Equinor has signed an agreement with India's Deepak Fertilisers for a 15-year supply of LNG.

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Nigeria - February 15, 2024

Nigeria’s Dangote Refinery has placed its first two cargoes on the market, a milestone for the $19-billion mega-project.

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India to double domestic gas use under a $67-bln plan
NEWS
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India has earmarked USD 67 billion over the next five to six years to significantly increase gas in the country’s energy mix.

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