Mehmet Öğütçü, CEO of Global Resources Partners and chairman of the London Energy Club, talks to The Energy Year about changes in the global energy picture brought…
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 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.
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READ MOREEquinor has signed an agreement with India's Deepak Fertilisers for a 15-year supply of LNG.
READ MOREONGC has signed an MoU with Norwegian NOC Equinor to collaborate on clean energy options, India’s NOC announced on Wednesday.
The deal will cover the companies’…
READ MOREOilex has signed a letter of intent with Schlumberger for the provision of hydraulic fracturing services on the onshore Cambay field in India, the Australian E&P…
READ MORETechnip Energies has signed an MoU with Indian renewable energies development company Greenko ZeroC Private to produce green hydrogen in industrial facilities across…
READ MOREMsuega Tese, executive director of Integrated Solutions Angola (ISA), talks to The Energy Year about how hydrocarbons can help diversify Angola’s economy and IT…
READ MORELarsen & Toubro have signed two contracts for EPC works on offshore facilities, the Indian engineering company announced today.
Works will include EPCIC works on…
READ MORELarsen & Toubro have agreed to perform EPCIC work on the seventh development of Indian NOC ONGC’s Pipeline Replacement Projects, the Indian engineering company…
READ MORELarson & Toubro has signed an MoU with Norway’s HydrogenPro to build green hydrogen electrolysers in India, the Indian engineering company announced on Thursday.
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Reliance Industries has signed an MoU with the government involving investments of USD 80 billion for development of low-carbon energy infrastructure in Gujarat, India,…
READ MORESri Lanka has signed an agreement with India to build a 100-tank oil terminal at Trincomalee Port, Sri Lankan Minister of Energy Udaya Gammanpila announced on…
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