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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.

Larsen & Toubro wins major gas pipeline contract
NEWS
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
NEWS
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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Local manufacturing gains strength in Saudi Arabia TEY_post_-Vikas-HANDA
Interview
Saudi Arabia - September 28, 2023

Vikas 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…

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Equinor signs 15-year LNG deal with Deepak Fertilisers
NEWS
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’s Dangote Refinery to export first fuel cargoes
NEWS
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
India - February 07, 2024

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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India risks clash with China
NEWS
India - September 23, 2014

The overseas arm of India’s Oil and Natural Gas Corporation, ONGC Videsh, last week signed a letter of intent with state-owned PetroVietnam to explore for oil and gas…

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Odisha to be eastern energy gateway
NEWS
India - September 17, 2014

Last Friday, India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said up to $16.4 billion would be invested in oil and gas projects in the eastern…

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New Indian gas pipeline set for 2016
NEWS
India - September 03, 2014

Last week, an Indian government official said that the Jagdishpur to Haldia gas pipeline will be operational by 2016.

The 2,050 kilometres gas pipeline project would…

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Gulf oil to be stored in India
NEWS
India - August 13, 2014

Last week, India’s Oil Minster Dharmendra Pradhan said that the national oil companies of the UAE and Kuwait would hire sections of a large underground crude storage…

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Partner needed in Kenya Oilfield
NEWS
Tanzania - July 30, 2014

The Africa Oil Corporation and partner Tullow Oil are looking for a farm in for their Blocks 13T and 10 BB in northern Kenya’s South Lokichar Basin, Tullow announced…

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