Last Updated: October 17, 2018
Last Updated: September, 2018
In 2017, India retained its spot as the third-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 753.7 Mtoe 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 and natural gas during 2017-18 reached 0.64 mbpd and 31.63 bcm, respectively. Production of crude oil and natural gas during Apr-May 2018 stood at 0.23 mbpd and 10.53 bcm, respectively.
India has a flourishing crude oil refining industry with an annual capacity of 247.6 MMT, as of Sep 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 2018
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Last Updated: October 17, 2018
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