Following clearance from the Ministry of Environment and Forests, the state-owned Oil and Natural Gas Corporation is set to drill 103 exploratory wells in Gujarat’s…
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.
Canada's USD 24.7-billionTrans Mountain Expansion (TMX) oil pipeline has begun operations.
READ MOREShelf Drilling has secured a USD 54-million contract for the Shelf Drilling Fortress jack-up rig in the North Sea.
READ MORELarsen & Toubro has secured a major onshore gas pipeline project in the Middle East.
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.
READ MOREVikas Handa, managing director of GulfTek (Gulf Technical Factory), talks to The Energy Year about the company’s strategy for gaining market share for its drilling…
READ MOREEquinor has signed an agreement with India's Deepak Fertilisers for a 15-year supply of LNG.
READ MOREOn Sunday, the chairman of government-owned Indian Oil, B. Ashok, said the company plans to build a new greenfield refinery on India’s west coast, in anticipation of…
READ MOREOn Tuesday, the high court in Mumbai ruled in favour of Shell in a high-stakes court battle with Indian authorities over transfer pricing. Shell India faced accusations…
READ MORELast week, the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline steering committee gathered the petroleum ministers of the participating countries in the Turkmen…
READ MOREThe Bharatiya Janata Party (BJP) won 282 seats during the 2014 Indian general election. Narendra Taneja, national convenor of the BJP’s energy cell, speaks to TOGY…
READ MOREOn Friday, Cairn India announced the beginning of its three-year, $1.3- billion polymer injection programme in the Mangala field. The programme is part of a wider…
READ MORELast Sunday, New Delhi-based Jay Polychem announced a new oil discovery in the Cambay basin’s Olpad formation, near Ahmedabad in the state of Gujarat. The Kharenti-A…
READ MOREIn July 2014, Indian exploration and production company Oil India (OIL) began drilling its second well at the Shakthi block, onshore Gabon, as part of the first step of…
READ MOREOn Saturday, Narendra Modi’s government lifted diesel price controls and increased natural gas prices in a move to reduce the subsidy burden and boost energy…
READ MORELast week, India’s Ministry of Petroleum and Natural Gas announced that the country’s domestic gas production will rise to 59 bcm (2.1 tcf) per day by March 2019,…
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