Oil & Gas Industry
India’s demand for oil & gas will be highest in the world in next decade. Currently it is 3rd largest consumer of oil and 2nd largest refiner in Asia
IDEX India Products for oil & gas Industry
Key Industry Highlights:
- Rising Oil Demand: India’s Oil Demand is set to be 9.8 bbl/d by 2040 more than any other country due to its growing economy & automobiles sector
- India aiming to be Asia’s LNG trading hub: Govt. plans to LNG terminals capacity from current 27 MTPA to 47.5 MTPA by 2022, adding 11 new terminals in 7 yrs.
- Hydrocarbon Vision 2030: To increase exploration of oil and gas reserves by attracting private players with $ 20 Bn investment
- Discovered Small Fields Policy which offered 67 discovered small oil fields in 46 Contract areas ONGC & OIL for international bidding
- IOCL plans to increase pipeline network for bulk of its petroleum product transport into long-distance pipelines & will add 7,550 km of long-distance pipeline for petroleum products.
- Bio refineries: Set to be the next environmentally friendly fuel to reduce India’s import dependence on crude oil with pilot plant being operation for large scale adoption
- Fall in Rig & Oilfield Services Cost: Globally falling crude oil prices have reduced cost of rigs & oil field services by 25-30% which has benefited explorers like ONGC
