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As of August 01, 2020, India’s oil refining capacity stood at 249.9 million metric tonnes (MMT), making it the second-largest refiner in Asia. Private companies own about 35.29% of the total refining capacity in FY20.
Annual oil consumption stood at 4.69 million barrels per day (mbpd), whereas, for gas, it stood at 54.20 billion cubic meters (bcm). By 2035, India’s energy demand is expected to double to 1,516 Mtoe from 753.7 Mtoe in 2017.
In FY20, crude oil production in India stood at 30.5 MMT. In FY20, crude oil import increased to 4.54 mbpd from 4.53 mbpd in FY19. Natural Gas consumption is forecast to reach 143.08 million tonnes (MT) by 2040. India’s LNG import stood at 33.68 bcm during FY20.
India’s consumption of petroleum products grew 4.5% to 213.69 MMT during FY20 from 213.22 MMT in FY19. Export of petroleum products from India increased from 60.54 MMT in FY16 to 65.7 MMT in FY20.
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% Foreign Direct Investment (FDI) in companies and 49% in refining under the automatic route.
FDI inflow in India’s petroleum and natural gas sector stood at US$ 7.85 billion during April 2000–March 2020. The Government is planning to invest US$ 2.86 billion in 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 investment in refining capacity expansions and upstream production*.
As per Union Budget 2019–20, the Ministry of Petroleum & Natural Gas enabled SC/ST entrepreneurs in providing bulk LPG transportation through “Kayakave Kailasa” scheme. State run energy firms, Bharat Petroleum, Hindustan Petroleum and Indian Oil Corp, plan to spend US$ 20 billion on refinery expansions to add units by 2022.
Oil Marketing Companies (OMCs) delivered 6.8 crore LPG cylinders to Pradhan Mantri Garib Kalyan Package (PMGKP) beneficiaries by May 20, 2020.
*As per Moody’s Investor Service
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