Last Updated: June 08, 2018
Last Updated: May, 2018
In 2016, India remained the third-largest energy consumer^ in the world with oil and gas accounting for 37 per cent of its total energy consumption. Annual consumption stood at 4.33 million barrels per day (MBPD) of oil and 50.09 billion cubic meters (bcm) of gas. By 2035, India’s energy demand is expected to double to 1,516 Mtoe by 2035 from 723.9 Mtoe in 2016. 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 and natural gas during 2017-18 reached 0.64 mbpd and 31.63 bcm, respectively.
India has a flourishing crude oil refining industry with an annual capacity of 247.6 MMT, as of May 1, 2018. In FY18, India’s public and private sector refineries processed 160.77 MMT and 91.16 MMT of crude oil. India’s oil consumption is expected to grow 129 per cent during 2016-2040.
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.
Note: MMT – Million Metric Tonnes, ^As per BP Statistical Review 2017
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Last Updated: June 08, 2018
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