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Oil & Gas

India is the fastest growing major economy in the world. But this rapid growth of around 7.5% a year has led to colossal oil consumption – and domestic oil production is not keeping pace. With reliable energy supply a key driver of economic growth, the government knows it needs energy security to sustain its remarkable success.

And so, as India’s oil imports increase, the country has also set ambitious targets for its domestic power sector.

Prime Minister Narendra Modi wants to cut oil import dependence by 1O% by 2o22.

There’s enormous potential for exploring local resources – and India is focused on increasing its exports of petroleum products.

Third Largest

India is the now the world’s third-largest oil importer, after the US and China

USD 8.7 Billion

India is also an increasingly important provider and exporter of oil.

1ooo Barrels a Day

This year domestic oil output is projected to grow to 1000 barrels a day (1.0 mbpd),

With the hopes of bringing USD 25 Billion investment in untapped gas and new oil fields.

Although a net importer of crude oil, India has become a net exporter of petroleum products, by investing in refineries

Securing India's Energy

Aware of the crucial strategic importance of energy security, Prime Minister Modi is talking personally to global oil and gas experts, mapping out key ways they can work together. These include:

  • Boosting investment in oil and gas exploration in India
  • Increasing the share of gas in India's energy mix
  • Exploring the potential of emerging areas such as shale gas and coal-bed methane
  • Recognizing the need for green energy
  • Streamlining regulatory frameworks
  • Encouraging the international acquisition of India’s oil and gas assets
  • Capitalising on the oil and gas sector-related possibilities of the Make in India program

Hydrocarbon India

The majority of India's Energy continues to come from oil and gas so developing hydrocarbon resources is a priority.

Gurgaon headquartered oil exploration Cairn India is one of the fastest growing oil exploration companies in the world. Its Mangala field in Rajasthan, discovered in 2004, is the largest onshore oil discovery in India in more than two decades.

GE also points to the country’s massive untapped natural gas reserves. The company says India holds at least 91 trillion cubic feet of recoverable gas reserves. And on top of conventional gas reserves, India holds an estimated 63 trillion cubic feet of recoverable shale gas.


Of 247 oil and gas blocks awarded by the government, only 16 have been developed – that’s 6% of them


Just 22% of sedimentary basins in India have been explored.

Source: GE

Jumpstarting Domestic Oil & Gas Exploration

The government is easing the way for oil and gas companies to operate in India, by introducing on a new hydrocarbon exploration and licensing policy based on revenue sharing, instead of cost recovery.

In a bid to ramp up investment and re-start stalled projects, India is offering global oilfield service providers USD 27 Billion in pricing freedom. The decision to allow market prices for undeveloped gas discoveries has led to a spate of new activity including:

•India's largest explorer oil and natural gas corporation announcing its biggest ever development campaign.
Reliance industries limited preparing to restart work at four offshore oil and gas blocks.

Major Investors


Jamnagar Refinery is the largest oil refinery in the world. Located in the western province of Gujarat and owned by Reliance Industries, it has a daily production capacity of 1.24 million barrels.


The Gujarat Refinery is located at Koyali in Gujarat and is owned by Indian Oil.


Panipat Refinery is also owned by Indian Oil. It’s situated in the historic district of Panipat in the state of Haryana.


GE has invested in research and manufacturing facilities across India and partnered with local companies such as Triveni to take advantage of low-cost supply chains in producing products specifically for the Indian market.


In 2016, Russia’s biggest listed oil refiner Rosneft PJSC, along with oil trading house Trafigura, paid USD 13 Billion for Essar Oil’s Vadinar refinery, located in Gujarat.