Indian Oil and Gas Industry Analysis

India's oil demand is expected to increase 50% by 2030 compared to 7% growth for global demand.

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.

Rapid
Expansion

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

* In October 2021, the Union Ministry of Petroleum & Natural Gas approved a revised project cost of Rs. 28,026 crore (US$ 3.8 billion) to increase refining capacity–for the ongoing Numaligarh Refinery Expansion Project – from 3 mmtpa to 9 mmtpa.

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 the Union Budget 2022-23, the customs duty on certain critical chemicals for petroleum refining were reduced.

* In November 2021, the government set up a committee to work out measures needed to make natural gas available to power plants at reasonably stable prices.

Last updated: Apr, 2022

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
Experience India - Dubai Expo 2020

Experience India - Dubai Expo 2020

From the small towns and districts of India come the big-hearted artists wh...

Geographical Indicators of India

Geographical Indicators of India

The Geographical Indications Registry is set up for administration of the G...

Case Studies

MORE

Promoting Indian Textile And Apparel Exports

Promoting Indian Textile And Apparel Exports

The global textile market is estimated to reach US$ 1,412.5 billion by 2028 and would expand at a CAGR of 4.4% from 2021 to 2028. Rapidly changing tre...

The Potential Of Cottage Industry Trade

The Potential Of Cottage Industry Trade

A cottage industry is a small business engaged in manufacturing and operated from the owner’s homes. Cottage industries form an important part o...

India's Climate Vision

India's Climate Vision

Climate change and global warming are the biggest threats of the present time and how the world manages to control pollution will define our future. R...

IBEF BLOG

MORE
Merchandise Exports Scaling New Heights
30 Jun 2022

Merchandise Exports Scaling New Heights

The Merchandise Industry of India India's share in global merchandise ...

Importance of India’s Blue Economy
30 Jun 2022

Importance of India’s Blue Economy

Introduction to Blue Economy Blue Economy is defined by the World Bank as ...

Joint Ventures in India's Automobile Industry
24 Jun 2022

Joint Ventures in India's Automobile Industry

India's Automobile Industry India is the fifth largest vehicle market ...

Partners
Loading...