World’s fastest-growing energy market
India is the 3rd largest energy and oil consumer in the world after China and the US.
India is the 4th largest importer of liquefied natural gas (LNG).
India consumed 213.2 MMT petroleum products and 60,747 MMSCM natural gas. The import dependency of crude oil and LNG during 2018 was 82.59% and 45.89% respectively. During 2018, petroleum import bill was $ 112 bn, a growth of 27% over $ 88 bn during 2017 - 18, and 23.42% of total gross import of the nation. India’s projected oil demand is going to grow at CAGR of 4% during 2016 - 2030 against the world average of 1%, though the projected oil demand will be much lower as compared to the US and China.
- 230 billion-barrel O+OEG conventional hydrocarbons in over 3 mn sq.km area, spread over 26 sedimentary basins, is available for investors
- India aims to reduce oil and gas imports dependence by 10% by 2022
- The demand for petroleum products is estimated to reach 244.960 MT by 2021-22 at a CAGR of 10%
- The total number of fuel retail outlets increased from 18,848 (2002) to 64,624 (2019) at a CAGR of 7.5%. State-owned marketing companies are planning to add 78,000 new fuel retail outlets.
- Present share of natural gas in the energy mix of the country is 6%. The aim is to increase it to 15% by 2030
- 12 Biofuel refineries are planned to be opened with an investment of $1.5 bn
100% FDI allowed in exploration activities of oil and natural gas fields under automatic route
49% FDI allowed in petroleum refining by the Public Sector Undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs under automatic route
For further details, please refer FDI Policy