Despite the slump in oil prices and subsequent investor nervousness, India has a favourable investment potential explains Vivek Venkatachalam, managing director of…
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.
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READ MOREEquinor has signed an agreement with India's Deepak Fertilisers for a 15-year supply of LNG.
READ MOREPetronet LNG managing director and CEO A. K. Balyan tells TOGY about the recent advances in India’s gas market and the challenges of developing a robust gas…
READ MOREFalling oil prices are proving to be beneficial for India’s economy, which is on track for 7-8 percent growth over the next two years. According to an official at the…
READ MOREPublicly listed on the London Stock Exchange, the Great Eastern Energy Corporation Limited (GEECL) is a major producer of coal bed methane (CBM) in India. The company…
READ MOREIndia’s Institutes of Technologies (IITs) and Oil and Natural Gas Corporation (ONGC) announced on Monday a joint research and development programme for the…
READ MOREThe CEO of GeoEnpro Petroleum, Ajay Ray, weighs in on India’s Ministry of Petroleum and Natural Gas’ plan of replacing the controversial production-sharing…
READ MORECairn India and the government-owned Oil and Natural Gas Corporation have issued an expression of interest to sell 14,000 cubic metres (494,349 cubic feet) of gas per…
READ MOREIndian conglomerate Essar and Russian oil company Rosneft signed an oil and oil products supply agreement last Thursday. As part of the deal, Rosneft will supply oil to…
READ MOREOn Wednesday, India received its biggest shipment of LNG to date – 261,000 cubic metres – at Petronet’s LNG Dahej LNG import terminal in Gujarat. The shipment…
READ MOREManaging director of Jindal Drilling & Industries Raghav Jindal speaks to TOGY about the technology that will be needed to develop India’s offshore drilling market.…
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