Last week, Dominion Resources received final approval from US regulators to build a $3.8-billion natural gas liquefaction plant, the first on the east coast, which will…
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 MORELast week, Indian public sector firm Bharat Petroleum Corporation (BPCL) announced plans to invest $2.1 billion over the next four years in exploration and production…
READ MOREThe 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…
READ MORELast 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…
READ MOREFrench project management, engineering and construction company Technip was last week awarded a project management and EPC contract by American Air Products for a new…
READ MORELast 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…
READ MOREData from the Nigerian National Petroleum Corporation (NNPC) has confirmed that Brazil has overtaken India as the largest importer of Nigerian crude for the period…
READ MORELast Thursday, Cairn India was given the go-ahead from the Ministry of Environment and Forests to raise production to 300,000 barrels of oil per day at the company’s…
READ MORELast 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…
READ MOREThe 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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