Bharat Book Bureau Provides the Trending Market Research Report on “Oil & Gas Industry in India 2023”under Energy Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.

India Oil & Gas Industry Research Report 2023

Market insights:
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:
•Importers were concerned about the price and supply of oil
•Even the availability of ships and trade routes was restricted in several ways
•The cost of OPEC Basket crude oil was trading at INR 6,932.17 per barrel on February 18, 2022, before the Russia-Ukraine war, which rose to INR 8,176.22 per barrel on April 22, 2022
•Production from new fields has different challenges compared to matured fields
•The pre-NELP assets, which are having trouble maintaining production rates, constitute a significant percentage of domestic oil and gas production.

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https://www.bharatbook.com/report/1407862/oil-gas-industry-in-india

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