10 Months agoIn line with the Government’s vision for reducing oil imports by 10% by 2022, policy interventions, capacity expansion, project fast-tracking and more sector updates are on the upswing.
Oil & Gas sector is a key contributor to India’s economy. India is the third largest consumer of crude oil and petroleum products globally accounting for 4.5 % of world oil consumption in 2015, behind US and China. India’s refining capacity is 230 MMTPA (Million Metric Tonnes Per Annum). Refining capacity of India expanded by 15 MMTPA with the commissioning of Paradip Refinery in February 2016. The country has 635 Million Metric Tonnes (MMT) of proven oil reserves, 54 Trillion Cubic Feet (TCF) of proven natural gas reserves and 96 TCF of estimated shale gas reserves (estimated at the beginning of 2015). With 48% of the country's sedimentary area yet to be explored, the oil & gas sector provides tremendous opportunities for investment.
In line with the Government’s vision for reducing oil imports by 10% by 2022, several measures have been taken including policy interventions, capacity expansion, fast tracking of projects etc. during 2014-16 to turn India into a refining hub.