Trade Analytics
Oil And Gas
India will overtake Japan to become the world’s third largest oil consumer behind the US and China by 2025.

Indian Oil and Gas Industry Analysis

Latest update: December, 2016

Oil supply and demand in India

  • Oil consumption is estimated to expand at a CAGR of 3.3 per cent during FY2008–16E to reach 4.0 mbpd by 2016
  • Due to the expected strong growth in demand, India’s dependency on oil imports is likely to increase further
  • Rapid economic growth is leading to greater outputs, which in turn is increasing the demand of oil for production and transportation
  • With rising income levels, demand for automobile is estimated to increase
Growth
Growth
Growth

 

Last Updated: December, 2016

In 2014, India was the fourth-largest energy consumer in the world with oil and gas accounting for 37 per cent of its total energy consumption. Annual consumption stood at 3.85 million barrels per day (MBPD) of oil and 50.6 billion cubic meters (bcm) of Liquefied Natural Gas (LNG). By FY 2016, India’s energy consumption is estimated to reach 4.0 MBPD of oil and 119.05 bcm of LNG.

India has proven oil reserves of 5.7 billion barrels, and gas reserves of 1.4 trillion cubic meters, yet given the low production base, the country remains a net importer of energy. LNG imports accounted for about one-fourth of total gas demand. India's gas demand is estimated to be more than double over the next five years. To meet this rising demand, the country plans to increase its LNG import capacity to 50 million tonnes (MT) in the coming years.

Several initiatives have been taken by the Government of India including the launch of National Gas Hydrate Programme (NGHP), a consortium of national exploration and production (E&P) companies and research institutions, to map gas hydrates for use as an alternate source of energy. It has allowed 100 per cent foreign direct investment (FDI) in E&P projects/companies and 49 per cent in refining under the automatic route.

Sectoral Presentation (December, 2016)

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