Oil & Gas

Crude Oil, Natural Gas, and Petroleum Refinery Products are among eight core industries in India. In the fiscal year 2023-24, India produced 29.4 MMT of crude oil and 276.1 MMT of petroleum products, supporting rapid industrial growth and meeting increasing energy demands. The country also exported petroleum products worth $47.7 Bn during this period.

To bolster India's exploration and production segment and streamline operations, several initiatives have been implemented. These include policies such as the Hydrocarbon Exploration and Licensing Policy (HELP), a 99% reduction in 'No-Go' areas in Indian offshore zones, and the introduction of the Urja Pragati Platform for faster clearances and easier compliance through self-certification, reducing the number of approvals. Additionally, the establishment of the National Data Repository (NDR) enhances transparency and accessibility of vital energy sector information.

A significant development is the expansion of India's City Gas Distribution (CGD) network, aiming for complete national coverage (excluding islands). The government plans to invest $67 Bn in the natural gas sector over the next six years to ensure stable prices and widespread availability.

In parallel, India has made strides in biofuels, achieving a 10% ethanol blending target ahead of schedule in June 2022. This success has encouraged the country to raise its 20% ethanol blending target to 2025-26. The government has also introduced blending requirements for other biofuels like compressed natural gas, biodiesel, and sustainable aviation fuel, supporting their growth.