Get to know about the capacity and growth prospects of the Oil and gas industry in India

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The oil and gas sector is among the six core industries in India. It plays a major role in influencing decision making for all the other important sections of the economy. India’s economic growth is closely related to energy demands. Thus, growth is expected in the demand for oil and gas.

Total oil imports rose 4.24% year-on-year to US$ 86.45 billion in April-March 2016-17. India’s oil consumption grew 8.3% year-on-year to 212.7 million tonnes in 2016. Global growth was 1.5%. This has made India the 3rd largest oil consuming nation in the world.
India is the 4th largest importer of LNG (liquified natural gas). The first three positions are taken by Japan, South Korea and China. India’s LNG imports account for 5.8% of the global trade.

India’s oil demand is expected to grow at a CAGR of 3.6 per cent to 458 Million Tonnes of Oil Equivalent (MTOE) by 2040, while demand for energy will more than double by 2040 as economy will grow to more than five times its current size.
Gas production will likely touch 90 Billion Cubic Metres (BCM) by 2040, subject to adjustment to the current formula that determines the price paid to domestic producers. Demand for natural gas will grow at a CAGR of 4.6 per cent to touch 149 MTOE.

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