Exploration and production company Mercator announced on Tuesday that its subsidiary Mercator Petroleum has discovered its first oil from the Jyoti-1 well located in…
READ MOREIndia's Energy Industry
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.
Uganda is targeting net-zero emissions from its booming energy industry by 2062.
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READ MOREAs India targets raising the share of gas in its energy mix, anticipated investment in gas pipelines in the northeast is USD 4.95 billion.
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READ MOREThe managing director of ONGC Videsh, N.K. Verma, tells TOGY about India’s New Exploration Licensing Policy (NELP) and the technological capabilities of India’s…
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READ MOREInternational Gas Union president Jérôme Ferrier tells TOGY about the convergence of global gas prices, the growing importance of LNG, and the place of Qatar as a…
READ MOREShyam Warialani, managing director for Baumer Technologies India, tells TOGY about the potential and challenges of developing India’s manufacturing sector. Swiss…
READ MOREOn Saturday a fire erupted at state-owned company Oil and Natural Gas Corporation’s Olpad-31 well near Surat during maintenance work to repair a blowout preventer. US…
READ MOREK.M. Sheth, the managing director of Great Eastern Shipping, gives a broad view of the labour, regulatory and tax challenges facing the Indian shipping and shipbuilding…
READ MOREIndian conglomerate Reliance Industries’ MJ discovery is estimated to hold 31.2 bcm (1.1 tcf) of natural gas, the company’s minority partner Canadian exploration…
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