Oil & Gas Industry in India

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: Oct, 2022

Oil and Gas Clusters

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

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