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.
* In February 2023, India’s oil demand rose to a 24-year high, which resulted due to a boost in the industrial activity. It was the 15th consecutive year-on-year rise in demand.
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.
Reliance Industries Limited (RIL)
Reliance Industries Limited is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic, and synthetic rubber in primary forms. The company's segments include refining, petrochemicals, oil and gas, organized retail, and others. The Refining segment include production and marketing operations of the petroleum products. The Petrochemicals segment include production and marketing operations of petrochemical products, including polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, butadiene, acrylonitrile, caustic soda, and polyethylene terephthalate. The oil and gas segment include exploration, development and production of crude oil and natural gas. The organized retail segment includes organized retail business in India. The ‘others’ segment include textile, special economic zone (SEZ) development, telecom or broadband business and media.
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Oil and Natural Gas Corporation (ONGC)
ONGC, a Maharatna company, is the biggest crude oil and natural gas name in India, contributing around 75% to Indian domestic production. The company ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune’s ‘Most Admired Energy Companies’ list. The company ranks 229 overall in Forbes Global 2000 list for 2022. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is the most valued and largest exploration and production (E&P) company in the world and one of the highest profit-making and dividend-paying enterprise. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of E&P of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of over 33,500 professionals who toil round the clock in challenging locations.
Read MoreIndian Oil Corporation Limited (IOCL)
With a 33,500 plus workforce and an extensive refining, distribution and marketing infrastructure and advanced R&D facilities, Indian Oil plays a significant role in fuelling the socio-economic development of the country. With a mandate to ensure India's energy security and self-sufficiency in refining & marketing of petroleum products, Indian Oil has, in the past six decades, provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of over 47,800 customer touch-points. With revenue of Rs. 728,460 crore (US$ 93.39 billion) in FY22, it is recognised as one of India's most valuable companies. The company continues to be the largest contributor to the national exchequer in the form of duties and taxes.
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