Growth of Oil and Gas Industry - Infographic

India services 60 million visitors at its petrol pumps every day with a daily consumption of about 5 million barrels.

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 May 2022, ONGC announced plans to invest US$ 4 billion from FY22-25 to increase its exploration efforts in India.

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 Union Budget 2022-23, the customs duty on certain critical chemicals such as methanol, acetic acid and heavy feed stocks for petroleum refining were reduced.

* In September 2021, India and the US agreed to expand their energy collaboration by focusing on emerging fuels.

Last updated: Dec, 2022

Oil and Gas Clusters

  • Hyderabad
  • Mangalore
  • Jamnagar
  • NCR
  • Pune
  • Haldia
  • Chennai
Oil and Gas Clusters in India

Posters

MORE
Oil and Gas Companies in India

Oil and Gas Companies in India

Husk Power System uses novel biomass gratification technology to convert abundant rice husk into combustible gases.

IBEF Campaigns

MORE
India Organic Biofach 2022

India Organic Biofach 2022

Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nurember...

10th India Trend Fair 2022

10th India Trend Fair 2022

The Tenth Edition of the India Trend Fair, Tokyo, Japan is being organised ...

Case Studies

MORE

India's Agritech Ecosystem

India's Agritech Ecosystem

Agriculture plays a crucial role in developing India's economy. According to Census 2011, almost 54.6% of the country's workforce is engaged i...

India’s Plastic Industry

India’s Plastic Industry

Due to the enormous potential of the Indian market, local businesses have been encouraged to develop their technical skills, meet high-quality require...

India's Electronics Manufacturing and Export Market

India's Electronics Manufacturing and Export Market

The Indian electronics industry is one of the most rapidly growing industries worldwide. Electronic products have continuously impacted and shaped our...

IBEF BLOG

MORE
Rising India’s Defence Exports: Make in India Effect
27 Jan 2023

Rising India’s Defence Exports: Make in India Effect

Introduction India has become the fifth largest economy, joining the &ldqu...

A Public Digital Infrastructure: India Stack
27 Jan 2023

A Public Digital Infrastructure: India Stack

Introduction India is rapidly emerging as the global hub for the fintech i...

Indian Railway Innovation Policy: A boost to start-ups
20 Jan 2023

Indian Railway Innovation Policy: A boost to start-ups

Introduction India has witnessed exponential growth and is expected to bec...

Partners
Loading...