Oil and Gas Market in India (Segments-Upstream, Midstream,Downstream) Industry Analysis, Volume, Share, Growth,Challenges,Key Players,Trends,Import and Export Analysis,Regions and Forecast 2016 – 2022.

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Report Description

Overview

The oil and gas sector is one of the most important sector in Indian economy. After coal, oil & gas sector acts as major source of energy in India. About 40% of India’s energy demand is fulfilled by Oil & gas sector. India has become the 4th largest energy consumer in 2015.

Oil consumption in India grew 8.3% year-on-year to 278.7 million tonnes in 2017, as against the global growth of 1.5 per cent, hence making it the third-largest oil consuming nation in the world.India has total reserves of 833.476 MMT(million metric tones) of Crude Oil and 1488.73 BCM(billion metric tones) of Natural Gas as on 01.04.2017

The total number of exploratory and development wells and metreage drilled in onshore and offshore areas during 2016-17 was 637 and 1352 thousand meters respectively. Crude Oil production during 2016-17 is 39.461 MMT which is 0.87% lower than 40.788 MMT produced during 2015-16.Gross Production of Natural Gas during 2016-17 is 36.656 BCM.

Oil and Gas Market : Growth Analysis

Petroleum Oil and Lubricants demand is growing at a Compound Annual Growth Rate (CAGR) of 6.2% over the period from 2015-2022.In 2016, India’s per capita consumption of oil and gas was 196.9 Kg of oil equivalent (kgoe), while the global average was 1,011.4 kgoe. This indicates strong growth potential in oil & gas sector.

Robust domestic Indian Market which is expected to expand as Oil consumption is expected to rise by 42.5% during 2010–20.Several industries such as pulp and paper, metals, chemicals, glass, plastic and food processing are increasing the usage of natural gas in operations; this has boosted natural gas demand in India.India has large coal, crude oil and natural gas reserves. Presence of such abundant raw material helps oil & gas companies to expand their business in India.