India is opening up as one of the most exciting regions for oil & gas exploration in the world and is set to become a potential exporter in this multi-billion dollar industry.
Supplies of natural gas in India, from domestic sources and imported LNG, are slated to grow more than double, by FY12, from the current supply of 110m cmd.
Geographically, India is strategically located en route to the Middle East’s crude consignments for East Asian and Pacific-rim markets.
Approximately 70% of India’s natural gas reserves have been found in the Bombay High Basin and in Gujarat. In the past 2 years alone, 17 significant hydrocarbon discoveries have been made in the region.
India's east coast is emerging as one of the hydrocarbon hotspots in the world, with 100 trillion cubic feet of gas and two billion barrels of oil in place. The two main basins in the area - Krishna-Godavari and Mahanadi - have shown a potential of nearly 18 billion barrels of oil equivalent gas in place.
An Expanding Opportunity Matrix
India is expected to become the 4th largest consumer of energy by 2010 and is predicted to become the 2nd largest by 2030.
There is huge prospect for growth in the Energy Sector, particularly Nuclear Energy for Civil Use.
The total energy requirement (including oil, gas, coal, nuclear and hydro energy sources) in the country would be 1,651 Million Tonnes of Oil Equivalent (MTOE) by 2032.
India was the fifth largest consumer of oil in the world during 2006.
Production of natural gas, which was almost negligible at the time of independence, is at present at the level of around 87 million standard cubic meters per day (MMSCMD).
The Oil and Gas sector in India currently contributes about 42 per cent of the energy requirement of the country.
The Indian petrochemical sector has, on an average, grown at a rate of 13% per annum, which is more than double the growth of the gross domestic product (GDP).
The Indian petrochemical sector generates a turnover of INR210 billion (US$4.58 billion) and is vital to the economy.