DUBLIN–(BUSINESS WIRE)–The “Oil & Gas Industry in India 2023” report has been added to ResearchAndMarkets.com’s offering.
India, which imports 85% of the crude oil it processes and roughly 55% of its natural gas needs, is the third-largest crude oil importer in the world after the USA and China.
Since April 7, 2021, India’s state-run oil marketing companies (OMCs) have frozen the pump prices of gasoline and diesel to protect the public from an increase in the cost of transportation fuels. In FY 2022, India’s Natural Gas production stood at 33,131.23 Million Metric Standard Cubic Meter (MMSCM). The production of natural gas declined in FY 2021 compared to FY 2020.
However, the production is gradually growing in FY 2022. At present, the production of crude oil is led by Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation Limited (Indian Oil); the market lacks in terms of participation of private players, especially from overseas.
Segment insights:
Production of oil is mostly dominated by the two public sector companies, ONGC and Oil India Limited. The overall manufacturing of crude oil dropped due to the decline in demand and logistics issues because of the pandemic.
Offshore projects dominated the production of natural gas in India. These projects are located in Assam, Arunachal Pradesh, Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh, and Tripura. As of FY 2022; 34,023.5 MMSCM of natural gas was produced through Offshore and Onshore projects.
Government Initiatives:
The GoI authorized the Discovered Small Field Policy to monetize hydrocarbon resources that had been immobilized for years. A total of 30 contracts for 43 newly discovered minor fields were signed with 20 businesses in March 2017 in the first round of bidding, providing a chance to enhance domestic oil and gas output.
The automatic route’s FDI maximum will be 100% in the private sector and 49% in the public sector for refining. Most bidders who expressed interest in buying BPCL have foreign investments, requiring a modification in the FDI regime. The government has launched the Open Acreage Licensing Program (OALP) Bid Round-VII for International Competitive Bidding.
Market Influencers:
Consumption of oil and gas recovered in late 2020 and reached the pre-pandemic level in 2021. However, the deadly second wave from April 2021 to June 2021 hit the sector adversely. The advancement in technology has encouraged the adoption of cutting-edge oilfield equipment, which in turn improved the efficiency and productivity of oil and gas companies.
The oil and gas industry in India has been witnessing a continued declining trend in the production of crude oil since 2011. The total amount of crude oil produced between April and May 2022 was 5019.72 TMT, exceeding both the period’s production target and that of the previous year by 2.86% and 1.79%, respectively.
Impact of the Russia-Ukraine war on India’s petroleum sector:
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Key indicators
3.2.1. SWOT Analysis
Chapter 4: Oil and Gas Industry in India – Production overview
4.1. Oil production market size and growth forecast (FY 2020 – FY 2027e)
4.2. Natural gas production market size and growth forecast (FY 2020 – FY 2027e)
Chapter 5: Oil and Gas Industry in India – Consumption overview
5.1. Oil consumption market size and growth forecast (FY 2020 – FY 2027e)
5.2. Natural gas consumption market size and growth forecast (FY 2020 – FY 2027e)
Chapter 6: Production Segmentation
6.1. Company-wise oil production
6.2. Company-wise natural gas production
Chapter 7: Trade Analysis
7.1 Export scenario
7.2. Import scenario
Chapter 8: Government Initiative
8.1. Government Initiative
Chapter 9: Impact of Russia-Ukraine war on India’s petroleum sector
9.1 Impact of Russia-Ukraine war on India’s petroleum sector
Chapter 10: Impact of COVID-19
10.1. Impact in 2020
10.2. Impact in 2021
10.3. Impact on production
10.4. Impact on consumption
10.5. Impact on import
Chapter 11: Market Influencers
11.1. Market influencers
Chapter 12: Market Trends
12.1. Market Trends
Chapter 13: Competitive Landscape
13.1. Bharat Petroleum Corporation Limited
13.2. Chennai Petroleum Corporation Limited
13.3. Hindustan Petroleum Corporation Limited
13.4. Indian Oil Corporation Limited
13.5. Mangalore Refinery and Petrochemicals Limited
13.6. Numaligarh Refinery Limited
13.7. Oil and Natural Gas Corporation Limited
13.8. Oil India Limited
13.9. Reliance Industries Limited
13.10. Nayara Energy Limited Private
Chapter 14: Recent Developments
For more information about this report visit https://www.researchandmarkets.com/r/xhgoeb
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