The Indian oil and gas sector of India

Details of oil and gas industry
The oil and gas industry is expected to grow at $ 139.8 billion by 2015. The economic growth is closely related to the Indian economy and the energy demand. The demand is going to increase in the coming years providing a fertile ground for the investments from various big and small players. The market is today backed by new sectors like domestic oil output, new oil fields, and is anticipated to grow to 1 MBPD by the year 2016. Due to the gas fired power stations that the country is developing, the consumption has increased to 160 per cent since a few years. The consumption of gas is likely to expand more at CAGR of 21 per cent during 2008 to 2017. Government has come out with several policies that allow 100 per cent foreign direct investment in various segments like petroleum products, natural gas, refineries etc. it is the policies of the government that has made the country conducive for investment today. The domestic sector of India accounts for almost three quarters or more of the country’s total gas consumption.
The market and its growth
The state owned oil and natural gas corporation dominates the segment that accounts for around 68 per cent of the total output of oil in the country. The Indian oil corporation Ltd operated 11,214 km network of crude, product pipelines that have a capacity of 1.6 MBPD of oil and 10 million metric standard cubic meter per day of gas. It accounts to approx 30 percent of the total pipeline network of the country. The Indian oil corporation is the largest company in India with 10 out of 22 Indian refineries and capacity of 1.3 MBPD. The government is also working towards growing the industry and providing scope for development as well. Oil diplomacy initiatives have also been intensified by the government.
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