Last Updated: July 06, 2020
Last Updated: May, 2020
As of May 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 35.36 per cent 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 million metric tonnes (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 per cent 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 per cent Foreign Direct Investment (FDI) in companies and 49 per cent in refining under the automatic route.
FDI inflow in India’s petroleum and natural gas sector stood at US$ 7.07 billion during April 2000–December 2019. 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
Click to access the Oil And Gas Industry Archived Report
Last Updated: July 06, 2020
Husk Power System uses novel biomass gratification technology to convert abundant rice husk into combustible gases.
India was manufacturing nearly zero PPE kits until January 2020. It was manufacturing only medical gowns, which was just one of the components of the kit, whereas, no PPE...
At a time when the world is suffering from a deadly pandemic, India plans to convert this crisis into an opportunity and strengthen its fight by becoming Aatmanirbhar or ...
Smartphones market in India have witnessed a phenomenal growth in the past few years. India overtook the United States (US) to become the second-largest smartphone market...
The technology sector in India has witnessed its largest foreign direct investment (FDI) as Facebook announced its investment in Jio Platforms, a unit of Reliance Industr...
Agriculture and its allied sector are crucial for the development of a country, especially for India where it is the largest source of livelihood. The sector plays a majo...
The global economy is presently going through the fourth Industrial Revolution, also known as the Digital Revolution. This revolution is changing not only the way we inte...