Last Updated: May 21, 2019
Last Updated: May, 2019
In 2017, India retained its spot as thethird-largest energy consumer^ in the world with oil and gas accounting for 37 per cent of its total energy consumption. Annual oil consumption stood at 4.69 million barrels per day (MBPD) and 54.20 billion cubic meters (bcm) of gas. By 2035, India’s energy demand is expected to double to 1,516 Mtoe by 2035 from 753.7Mtoe in 2017. According to the International Energy Agency (IEA), India is expected to account for almost one-third of the global growth in energy demand by 2040.
India has proven oil reserves of 600 million metric tonnes (MMT), and gas reserves of 1.2 trillion cubic meters. Production of crude oil reached 0.68 mbpd in 2018-19. Natural gas production during the same period stood at 32.06 bcm.
India has a flourishing crude oil refining industry with an annual capacity of 249.40 MMT, as of Apr 1, 2019.
Several initiatives have been taken by the Government of India including the launch of Open Acreage Licensing Policy (OALP) and Coal Bed Methane (CBM) policy. 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.
FDI inflows in India’s petroleum and natural gas sector stood at US$ 7,003.67 million during April 2000–December 2018. The government is planning to invest US$ 2.86 billion in the upstream oil and gas production to double the natural gas production to 60 bcm and drill more than 120 exploration wells by 2022. Further, rising demand for oil in India is expected to drive investments in refining capacity expansions and upstream production*.
Note: MMT – Million Metric Tonnes, ^As per BP Statistical Review 2018, bcm – billion cubic metre,
*As per Moody’s Investor Service
Click to access the Oil And Gas Industry Archived Report
Last Updated: May 21, 2019
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