The petroleum and natural gas sector is among the eight core industries in India and 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 demand; therefore the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment.
India consumed 204.92 MMT petroleum products and 58.64 BCM 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.
100% FDI in petroleum and natural gas is allowed in exploration activities under automatic route.
49% FDI in petroleum sector is allowed in by the Public Sector Undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs under automatic route.
Largest exporter of petroleum products in Asia
2nd largest refiner in Asia
3rd largest consumer of crude oil and petroleum products in the world
India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally. Oil imports rose sharply to $87.37 bn in 2017-18 from $70.72 bn in 2016-17
India retained its spot as the 3rd largest consumer of oil in the world in 2017 with consumption of 4.69 mbpd of oil in 2017, compared to 4.56 mbpd in 2016
At present about 16,788 km natural gas pipeline is operational and about 14,239 km gas pipelines are under development
India has witnessed a steady increase in production as well as consumption of petroleum products over the years. The production of petroleum products stood at 231.9 MMT during 2015-16 to 262.3 MMT in 2017-18
India was the fourth-largest Liquefied Natural Gas (LNG) importer in 2017 after Japan, South Korea and China. LNG imports increased to 26.11 BCM in 2017-18 from 24.48 BCM in 2016-17
Atal Bihari Vajpayee's memorable 1996 Parliament trust vote speech
'If It Was So Important…' PM Modi's Article 370 Bouncer for Congress in Independence Day Speech
PM Modi greets children at the 73rd Independence Day Celebrations at Red Fort Delhi.