Indian Oil and Gas Industry Analysis

Primary energy demand is expected to nearly double to 1,123 million tonnes of oil equivalent, as the country's gross domestic product (GDP) is expected to increase to US$ 8.6 trillion by 2040.

Advantage India

Growing
Demand

* Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045.

* Diesel demand in India is expected to double to 163 MT by 2029-30, with diesel and gasoline covering 58% of India’s oil demand by 2045.​

* Consumption of natural gas in India is expected to grow by 25 billion cubic metres (BCM), registering an average annual growth of 9% until 2024.

* Crude oil imports increased by 5.7% and 0.9% during January 2024 and April-January 2023-24 respectively as compared to the corresponding period of the previous year.​

Rapid
Expansion

* India aims to commercialize 50% of its SPR (strategic petroleum reserves) to raise funds and build additional storage tanks to offset high oil prices.

* Indian refiners would add 56 million tonnes per annum (mtpa) by 2028 to increase domestic capacity to 310 mtpa.

* Indian refining capacity has increased from 215.1 Million Metric Tonne Per Annum (MMTPA) to 256.8 MMTPA in last 10 years.

Supportive FDI
Guidelines

*In July 2021, the Department for Promotion of Industry and Internal Trade (DPIIT) approved an order allowing 100% foreign direct investments (FDIs) under automatic route for oil and gas PSUs.​

*The Government has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects.​

policy
Support

*In budget 2024-25, Rs. 497.25 crore (US$ 59.75 million) allocated to scheme for Development of Pipeline infrastructure for injection of Compressed Biogas (CBG) in City Gas Distribution (CGD) Network.

* In May 2022, the government approved changes in the Biofuel Policy to bring forward the target for 20% ethanol blending with petroleum to 2025-26 from 2030.​

Last updated: Sep, 2024

Oil and Gas Clusters

  • Hyderabad
  • Mangalore
  • Jamnagar
  • NCR
  • Pune
  • Haldia
  • Chennai
Oil and Gas Clusters in India

Posters

MORE
CLEAN AFFORDABLE ENERGY FOR RURAL HOUSEHOLDS

CLEAN AFFORDABLE ENERGY FOR RURAL HOUSEHOLDS

Husk Power System uses novel biomass gratification technology to convert abundant rice husk into combustible gases.

IBEF Campaigns

MORE
Aatmanirbhar Bharat Utsav 2024

Aatmanirbhar Bharat Utsav 2024

Union Minister of External Affairs, Dr. S. Jaishankar and Union Commerce an...

Bharat Mobility 2024

Bharat Mobility 2024

Bharat Mobility Global Expo 2024 1 – 3 Feb 2024, Bharat Mandapam, ...

Case Studies

MORE

Growth and Overview of the Insurance Sector in India: A Comprehensive Study

Growth and Overview of the Insurance Sector in India: A Comprehensive Study

The Indian insurance sector has transformed significantly over the past few decades and has been contributing significantly to the economic developmen...

India’s Semiconductor Push: Building a Robust Chip Manufacturing Ecosystem

India’s Semiconductor Push: Building a Robust Chip Manufacturing Ecosystem

The semiconductor industry plays a massive role in driving economic progress in today’s tech-driven world. India with its ever-growing digital e...

Unlocking Potential: The Rise of the Recommerce Market in India

Unlocking Potential: The Rise of the Recommerce Market in India

With technology progressing quickly in line with Moore’s law and technology companies, such as Apple, Dell, Lenovo, Samsung, stirring up gadgets...

IBEF BLOG

MORE
Gaganyaan Mission: India's First Human Spaceflight Program
1 Oct 2024

Gaganyaan Mission: India's First Human Spaceflight Program

India's growth journey in space exploration has reached new heights wit...

Booming Data Centre Growth in India
1 Oct 2024

Booming Data Centre Growth in India

India's economic expansion has been fortified by a significant increase...

The Future of Artificial Intelligence in Healthcare: Transforming Patient Care
25 Sep 2024

The Future of Artificial Intelligence in Healthcare: Transforming Patient Care

The relentless march of Artificial Intelligence (AI) is reshaping many indu...

Partners
Loading...