OIL & GAS

February 2025
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3

Advantage India 4

Market Overview and Trends 6

Sector Drivers 9

Recent Trends and Strategies 25

Growth Drivers 31

Opportunities 37

Key Industry Contacts 39

Appendix 41

2
Executive summary

2. WORLD’S THIRD-LARGEST ENERGY 3. THIRD-LARGEST CONSUMER OF OIL

CONSUMER ▪ According to OPEC, India’s oil demand in 2024 is projected to be
at 5.59 million barrels per day (b/d), up from 5.37 million b/d in
▪ According to IEA (India Energy Outlook 2021), primary
2023, resulting in a growth of 4.1%.
energy demand is expected to nearly double to 1,123
million tonnes of oil equivalent, as the country's gross ▪ India retains its spot as the third-largest consumer of oil in the
domestic product (GDP) is expected to increase to US$ world, as of 2023.
8.6 trillion by 2040. ▪ The consumption of petroleum products has increased from 158.4
million metric tons (MMT) in FY14 to 234.3 MMT in FY24. Over the
past decade, the compounded annual growth rate (CAGR) of total
petroleum, oil, and lubricants (POL) consumption has been 4.0%.
▪ Domestic consumption of the petroleum products in the year 2023-
1. SECOND-LARGEST 24 was 233.3 MMTPA.
REFINER IN ASIA 4. FOURTH-LARGEST
▪ Indian refining capacity has
increased from 215.1 Million
LNG IMPORTER
Metric Tonne Per Annum
(MMTPA) to 256.8 MMTPA in last ▪ LNG import in the country accounted
10 years. for about one-fourth of total gas
▪ India is planning to double its demand, which is estimated to double
refining capacity to 450-500 by 2028. To meet this rising demand
million tonnes by 2030. the country plans to increase its LNG
▪ India, the world’s fourth largest
crude oil refiner, is expected to
2 3 import capacity to 50 MT in the
coming years.
add one million barrels per day ▪ India increasingly relies on imported
(mb/d) of refining capacity by LNG. It is the fourth-largest LNG
2028. importer.
▪ India refining capacity is projected ▪ India’s LNG import stood at 28,300
to increase to 309.5 MMTPA by
the year 2028.
1 4 million metric tonnes (MMSCM)
between April - December 2024.

Notes: MMT - Million Metric Tonnes, LNG - Liquified Natural Gas, MMSCM - Million Metric Standard Cubic Meters
Source: News Articles, PPAC, IEA Report 2021

3
Advantage India

4
Advantage India
2. GROWING DEMAND 3. RAPID EXPANSION
▪ India is the world’s third-largest energy consumer globally.
▪ Indian refiners would add 56 million tonnes per annum (MTPA) by 2028 to
▪ Crude oil imports increased by 5.7% and 0.9% during January increase domestic capacity to 310 MTPA.
2024 and April-January 2023-24 respectively as compared to ▪ Indian refining capacity has increased from 215.1 Million Metric Tonne Per
the corresponding period of the previous year. Annum (MMTPA) to 256.8 MMTPA in last 10 years.
▪ Diesel demand in India is expected to double to 163 MT by ▪ India aims to commercialise 50% of its SPR (strategic petroleum reserves) to
2029-30, with diesel and petrol covering 58% of India’s oil raise funds and build additional storage tanks to offset high oil prices.
demand by 2045. ▪ The industry is expected to attract US$ 25 billion investment in exploration
and production. Refining capacity in the country is expected to increase to
▪ Oil demand in India is projected to register a 2x growth to reach
667 MTPA by 2040.
11 million barrels by 2045.
▪ Consumption of natural gas in India is expected to grow by 25
billion cubic metres (BCM), registering an average annual
growth of 9% until 2024.
▪ India’s oil and gas production is expected to achieve a mid-
decade peak between 2023-2032, around 2027, driven by the
KG-Basin projects operated by Reliance Industries Limited and
Oil and Natural Gas Corporation (ONGC) 4. POLICY SUPPORT
▪ In budget 2024-25, Rs. 497.25
1. SUPPORTIVE FDI crore (US$ 59.75 million)
allocated to scheme for
GUIDELINES Development of Pipeline
infrastructure for injection of
▪ In July 2021, the Department for Compressed Biogas (CBG) in
Promotion of Industry and Internal
Trade (DPIIT) approved an order 2 3 City Gas Distribution (CGD)
Network.
allowing 100% foreign direct ▪ The Union Budget 2025-26 has
investments (FDIs) under allocated Rs. 5,597 crore (US$
automatic route for oil and gas 640.46 million) to the petroleum
and natural gas (PNG) ministry
PSUs.
for phase II of the Indian
▪ The FDI limit for public sector Strategic Petroleum Reserves
refining projects has been raised
to 49% without any disinvestment
1 4 Ltd (ISPRL) project, aimed at
turning two vast underground
or dilution of domestic equity in caverns into petroleum storage
existing PSUs. facilities.

5
Market Overview And Trends

6
State-owned companies dominate oil and gas in India

▪ India remained the third-largest energy consumer, as of 2023.

▪ India produced 2.42 MMT of crude oil in April 2024, of which 73% of the production was done by PSU companies.
▪ Assam, Gujarat and Rajasthan account for more than 96% of oil production in India.
▪ India’s existing strategic oil reserves (SPR) is ~5.33 million tonnes.
▪ India had 4.7 thousand million barrels of proven oil reserves and produced 37.5 million tonnes in 2019.

Upstream segment ▪ State-owned ONGC dominates the upstream segment.

- exploration and ▪ It is the largest upstream company in the exploration and production (E&P) segment,
production
accounting for approximately 70% of the country’s total oil and gas output.

Midstream
Indian Oil and ▪ IOCL operates a 14,701 km network of crude, gas and product pipelines, with a capacity of
segment - storage
Gas sector 94.6 MMTPA of oil and 20.0 MMSCMD of gas.
and transportation

▪ IOCL is the largest company, controls 11 out of 22 Indian refineries, and has a combined
capacity of 80.7 MTPA.
Downstream
segment - refining, ▪ Reliance launched India’s 1st privately owned refinery in 1999 and has gained considerable
processing and market share (30%). In January 2021, the company operated its plant at 96.1% capacity.
marketing
▪ Nayara Energy Limited’s (NEL’s) Vadinar refinery has a capacity of 20 MMTPA, accounting
for almost 10% of the total refining capacity.

Notes: bcm - Billion Cubic Metres, mbpd - Million Barrels Per Day, mmscmd - Million Metric Standard Cubic Metre Per Day, mmtpa -- Million Metric Tons Per Annum, ^As per IEA
Source: BP Statistical Review 2020, US Energy Information Administration, Petroleum Planning and Analysis Cell

7
Oil supply and demand in India

Imports and domestic oil production in India (MBPD)

0.64 0.58 0.59

0.72 0.64 0.68
0.74 0.60 0.40
0.61
4.53 4.54 4.67 4.66
4.28 4.41
4.06 3.96 4.24 4.01

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25*

Oil Imports Oil Production

▪ Exports of Petroleum, Oils and Lubricants (POL) products increased by 9.6% in April 2024 as compared to the corresponding

▪ India’s crude oil production stood at 19.88 MMT during April-January 2025.

▪ India’s consumption of petroleum products stood at 199.21 MMT during April-January 2025.

▪ India’s oil consumption is forecast to rise from 4.8 MBPD in 2019 to 7.2 MBPD in 2030 and 9.2 MBPD in 2050.

▪ Rapid economic growth is leading to greater outputs, which in turn is increasing the demand of oil for production and transportation.

▪ In FY25*, crude oil imports stood at 200.47 MMT.

Note: CAGR - Compound Annual Growth Rate, MBPD - Million Barrels Per Day, P - Provisional, Based on 50 MMT = 1 MBPD, *Until January 2025
Source: Ministry of Petroleum and Natural Gas, BP Statistical Review 2020, Petroleum Planning & Analysis Cell

8
Sector Drivers

9
Gas supply and demand in India

Total Gas Consumption in India (MMSCM) Domestic Gas Production and Imports (BCM)

70000 70.00

66,634
60000
64,451

64,144
60.00

65,037
60,798

60,645

60,311
59,170
57,367

55,697

55,211
50000 30.91
50.00 31.91
52,517
52,375

33.89
51,300

28.74 26.65
26.33 32.86 28.30
21.39 24.69
40000 40.00
35.71
30000 30.00 31.80 32.88 33.66
31.24 30.92 31.18 30.38
28.67
20000 20.00
34.02

10000 10.00

0 0.00

FY17
FY16

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25*
FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25*
Gas production Gas Imports

▪ Demand is not likely to simmer down anytime soon, given strong economic growth and rising urbanisation.

▪ Gas consumption is projected to reach 143.08 BCM by 2040. The Government is planning to invest US$ 2.86 billion in upstream oil and gas
production to double the natural gas production to 60 BCM and drill more than 120 exploration wells.

▪ According to the International Energy Agency (IEA), India’s medium-term outlook for natural gas consumption remains solid due to rising
infrastructure and supportive environment policies. Industrial consumers are expected to account for 40% of India’s net demand growth. The
demand is also expected to be driven by sectors such as residential, transport and energy.

▪ India’s natural gas imports increased at a CAGR of 3.2% between FY16 and FY23.
Note: F - Forecast, BCM - Billion Cubic Metres, CAGR - Compound Annual Growth Rate, *Until December 2024
Source: PPAC, BP Statistical Review 2020

10
Exports of petroleum products from India

Product-wise Exports of Petroleum Products from India in FY24

Exports of Petroleum Products from India (MMT)
(thousand metric tonnes)

80 25,000

70 65.5 66.8 65.7 20,000

23,361
61.1 62.7 61.0 62.4
60.5
56.8

10,868
60
53.3 15,000
50

6,973
10,000

4,316

3,832
40

1,630
30 5,000

432

7
9

6
-
20 0

LPG

ATF

LDO
Naphtha

SKO

HSD

Fuel Oil

Others*
MS

Bitumen
LOBS/ Lube Oil
10

0
FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25*

▪ India is one of the largest exporters of refinery products due to the presence of various refineries.

▪ Exports of petroleum products from India reached 62.4 MMT in FY24 from 61 MMT in FY23.

▪ In FY25 (April-January) petroleum product export stood at 53 MMT.

▪ Petroleum products worth US$ 36.6 billion were exported in FY25*.

▪ HSD was the major export item among petroleum products, followed by MS, ATF and Naphtha.

Note: MMT - Million Metric Tonnes, P - Provisional, HSD - High speed Diesel, MS - Motor Spirit, ATF - Aviation Turbine Fuel, LPG - Liquefied Petroleum Gas, LDO - Light Diesel Oil, SKO -
Superior Kerosene Oil, LOBS - Lubricating Oil Base Stocks, * - Others includes Petcoke/CBFS, Hexane, Benzene, MTO (Mineral Turpentine Oil), Sulphur, etc., *-Until January 2025
Source: PPAC, BP Statistical Review 2020

11
Upstream segment: crude oil and gas production… (1/2)

Annual Crude Oil Production (in MMT) Crude Oil Production (in MMT)

40 40.0

35 19.1 35.0
18.4 18.1 18.1
11.4 10.4 9.9
30 16.0 30.0 9.6 8.4
15.4 7.4 7.3
14.6 14.5 15.0 6.5
6.8
25 25.0
3.4
3.3 3.4 3.1 2.9 3.0
22.4 3.3 3.2 3.3
20 20.0
20.9 20.8 20.6 20.2
19.6 19.5 19.5 19.2
15 17.9 17.6 17.5 17.5 15.0
16.2
15.1 15.1 14.7 14.3
10 10.0

5 5.0

- -
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Onshore Offshore ONGC OIL Pvt/JVC

▪ Almost half of India’s crude oil production is from offshore fields, although this share is diminishing in the past few years as production from the
large, ageing Mumbai High field has declined.
▪ India’s crude oil production in FY24 stood at 29.35 MMT.
▪ Onshore production accounted for 50.34%, while offshore contributed the remaining 49.66%.
▪ ONGC accounted for 66.78% of the total crude oil production in India in FY23.
Notes: MMT - Million Metric Tonne, JV - Joint Venture, P-Provisional, *Until January 2024
Source: Ministry of Petroleum and Natural Gas

12
Upstream segment: crude oil and gas production… (2/2)

Annual Gas Production (million metric standard cubic metre) Annual Gas Production (million metric standard cubic metre)

30,000 40,000

3,090
3,041
35,000 2,893
2,881 2,722
26,395.2

25,000

25,871.1
2,838 2,937 2,668
24,860.6

30,000 2,480

23,408.6
23,011.7

22,868.9

5,477
6,338
22,117.1

8,235
22,038.2

22,010.6

14,031
6,872

11,440
10,502
4,766
20,000
20,631.1

4,319
25,000

24,675
18,427.2

23,746
23,429
12,148.3

22,088

21,872
15,000 11,154.6 20,000

21,177
10,566.8
10,045.8

20,629

19,968
9,903.9

9,893.4

19,315
9,601.0
9,293.9
9,237.5
9,011.7

8,795.6

15,000
10,000

10,000

5,000
5,000

0 -
FY14

FY15

FY16

FY17

FY18

FY19

FY21

FY22

FY23

FY24
FY20

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Onshore^ Offshore ONGC Pvt/JV OIL

Note: JV - Joint Venture, ^Including CBM production, *Until March 2024

Source: Ministry of Petroleum and Natural Gas

13
Upstream segment: exploration and development activities

Development drilling activities (FY19) Exploration activities (FY19)

1200 400

350
1000 266
649 300
800
250

600 200
149
150
400
100
338
200 85
165 50
59
0 63 0
Offshore Onshore Offshore Onshore

Wells Meterage ('000 metres) Wells Meterage ('000 metres)

▪ In FY19, 1,228,000 metres of wells were explored, developed, and 545 wells were drilled in the country.
▪ State-owned oil companies undertake most of the upstream drilling and exploration work.
▪ The Government was planning to invest US$ 2.86 billion in upstream oil and gas production to double the natural gas production to 60 BCM and
drill more than 120 exploration wells by 2022.
▪ In February 2024, Prime Minister, Mr. Narendra Modi unveiled a strategic investment plan of US$ 67 billion for the Indian gas sector over the next
5-6 years, to raise the share of natural gas in the primary energy mix from 6% to 15%.

Source: Ministry of Petroleum and Natural Gas, BMI

14
Pipelines: crude pipeline network

Shares in Crude Oil Pipeline Network by Length Shares in Crude Oil Pipeline Network by Capacity
(out of 10,445 kms, as of February 1, 2025) (out of 153.1 MMTPA, as of February 1, 2025)

IOCL
ONGC
19.40%
24.14%

OIL
39.58% IOCL
5.88%
53.20%
11.73% ONGC
OIL

10.92% 35.14%
Others*
Others*

▪ As of February 1, 2025, India had 10,445 kms of crude pipeline network, with a capacity of 153.1 MMTPA.
▪ In terms of length, IOCL accounts for 53.20% (5, 324 kms) of India’s crude oil pipeline network.
▪ In terms of actual capacities, ONGC leads with 39.58%, followed by IOCL at 35.14%.

Note: km - Kilometre, MMTPA - Million Metric Tonnes Per Annum, *Others includes HMEL, BPCL and Cairn
Source: Ministry of Petroleum and Natural Gas

15
Pipelines: existing pipelines in India

Length and capacity of products and crude oil pipeline by company (as of April 1, 2024)

IOCL BPCL(1) HPCL(2) OIL ONGC Cairn HMEL Others (GAIL and Petronet India.) Total industry

Length (kms)

Product
12,581 2,600 5,123 654 - - - 2,399 23,357
Pipeline

Crude oil
5,822 937 - 1,193 1,284 688 1,017 - 10,941
Pipeline

Total 18,403 3,537 5,123 1,847 1,284 688 1,017 2,399 34,298

Capacity of Crude Oil Pipelines (MMTPA)

Product
70.6 22.6 35.2 1.7 - - - 10.2 140.3
Pipeline

Crude oil
53.8 7.8 - 9.0 60.6 10.7 11.3 - 153.1
Pipeline

Total 124.4 30.4 35.2 10.7 60.6 10.7 11.3 10.2 293.4

▪ Government of India is planning to invest Rs. 70,000 crore (US$ 9.97 billion) to expand the gas pipeline network across the country.
▪ In February 2024, Prime Minister, Mr. Narendra Modi unveiled a strategic investment plan of US$ 67 billion for the Indian gas sector over the next
5-6 years, to raise the share of natural gas in the primary energy mix from 6% to 15%.

Note: kms - Kilometres, MMTPA - Million Metric Tonnes Per Annum, (1)Includes Petronet Cochin-Coimbatore-Karur Product pipeline, (2)Includes Petronet Mangalore-Hassan-Bangalore
Product Pipeline
Source: Ministry of Petroleum and Natural Gas

16
Pipelines: refined products and LPG pipeline network

Shares in Crude Products Pipeline Network under Operation by Shares in Natural Gas Pipeline Network Under Operation By
Length (out of 24,130 kms, as of February 1, 2025) Length (out of 29,203 kms as of September 30, 2024)

12.92% GAIL
IOCL
9.94%
2.71% GIGL
5.08%
HPCL
10.77%
4.41% GSPL
BPCL
55.30% 9.66% IOCL
63.47%
OIL 4.46%
21.27% PIL

Others Others

▪ With 13,344 kms of refined products pipeline in India, the Indian Oil Corporation Limited (IOCL) leads the segment with 55.30%, as of February 1,
2025.
▪ The top three companies, IOCL, HPCL and BPCL contribute to more than 80% of the total length of product pipeline network in the country.
▪ As of September 30, 2024, Gas Authority of India Ltd. (GAIL) had the largest share (63.47% or 18,534 kms) of the country’s natural gas pipeline
network (29,203 kms).

Note: km - Kilometre, MMTPA - Million Metric Tonnes Per Annum, LPG - Liquefied Petroleum Gas, IOC - Indian Oil Corporation, HPCL - Hindustan Petroleum Corporation Ltd, BPCL -
Bharat Petroleum Corporation Ltd, OIL - Oil India Limited
Source: Ministry of Petroleum and Natural Gas

17
Downstream segment: refinery crude throughput… (1/2)

Refinery Crude Oil Processing Figures (MMT)

300

250

95.66
93.73
89.50
91.16
91.09
88.66
88.53
88.23

78.00
200

83.18
88.27
81.18
81.38
74.44

54.87
150

110.06 54.87

164.80

164.69
161.50
112.17 48.54

160.77
154.30
112.538.29

144.20

143.80
33.43

134.73
134.22

138.08
130.57
122.58
100

110.59
115.11
112.13
108.03

50

0
FY11
FY07

FY08

FY09

FY10

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25*
Public sector Private sector

▪ India has 23 refineries - 18 are in the public sector, two in the joint sector and three in the private sector.

▪ India’s state refineries have upgraded their facilities to comply with a new government requirement to produce oil products with the equivalent of
Euro VI emission standards.

▪ Crude oil throughput of public sector refineries increased at a CAGR of 2.54%, from 108.03 MMT in FY07 to 161.50 MMT in FY23. At the same
time, crude oil throughput of private sector refineries recorded growth at a CAGR of 6.66%, from 33.43 MMT to 93.73 MMT.

Note: MMT - Million Metric Tonne, Public Sector includes IOCL, BPCL, HPCL, CPCL and ONGC, Private sector includes RIL and NEL, *-Until November 2024
Source: Ministry of Petroleum and Natural Gas

18
Downstream segment: refinery crude throughput… (2/2)

Shares in India’s Total Refining Capacity

Total Installed Refinery Capacity (MMT) (as of April 1, 2024)
(as of January 1, 2024)
300.00
IOCL
7.82% BPCL 250.00

81.00

88.20
110.00

88.20
88.20
88.20
88.20
105.50
HPCL

95.00
95.00
28.15% CPCL 200.00

95.00
95.00
95.00
93.00
NRL

76.50
MRPL

174.20
24.05% 150.00

162.80
161.70
161.67
161.02
ONGC

142.10
142.07

165.70
139.00
135.07
HMEL
217.11 MMT

120.07
120.07

120.07
120.07
100.00

116.89
RIL
NEL
50.00
0.02%
4.91%
15.05% 0.00
6.24%
0.90%
4.40% 8.47%

Public sector (including JV) Private sector

▪ In FY24, the oil sector’s total installed refinery capacity stood at 256.8 MMT up to April 2024, and IOCL emerged as the largest domestic refiner
with a capacity of 70.1 MMT.
▪ In FY24, the top three companies, IOC, RIL, and BPCL contributed over 69% to India's total refining capacity.
▪ In August 2021, India's state refiners announced plan to invest Rs. 2 lakh crore (US$ 26.96 billion) by 2025 to increase oil refining capacity by
20% in India.

Note: MMT - Million Metric Tonne; HPCL - Hindustan Petroleum Corporation Ltd, BPCL - Bharat Petroleum Corporation Ltd, OIL - Oil India Limited, ONGC - Oil and Natural Gas
Corporation, IOCL - Indian Oil Corporation Ltd, CPCL - Chennai Petroleum Corporation Limited, *Up to April 2024
Source: Ministry of Petroleum and Natural Gas, PPAC

19
Downstream segment: petroleum products

Production of Petroleum Products by Fractionators (TMT)

4,931.22

4,759.56
4,608.00

4,212.18

4,073.92
3,657.15

3,492.82

3,480.53
3,457.75
3,377.16

2,323.12
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25*

▪ Petroleum products derived from crude oil include light distillates such as LPG and naphtha; middle distillates such as kerosene; and heavy ends
such as furnace, lube oils, bitumen, petroleum coke and paraffin wax.

▪ Production of petroleum products by fractionators reached 3,480.53 TMT in FY24 and 2,323.12 in FY25*.

Note: MMT - Million Metric Tonne, TMT - Thousand Metric Tonne, P – Provisional, *-Until November 2024
Source: Ministry of Petroleum and Natural Gas

20
Downstream segment: distribution and marketing

▪ The total number of OMC retail outlets increased to 90,165, as of Downstream distribution statistics (MMT)
May 1, 2024, from 59,595 in FY17.
300.0
▪ In India, as of May 1, 2024, IOCL owned the highest number of retail
outlets (37,511), followed by HPCL (22,050), and BPCL (21,865).
250.0
▪ As of May 1, 2024, there were 25,489 LPG distributors (under PSUs)

111.63
93.51
in India. 200.0

102.36

107.50
107.58

92.47
93.69
96.61
97.36
109.72
▪ There are 289 aviation fuel station in India as of May 1, 2024, with

97.36
150.0
IOCL having the majority.
100.0
▪ LPG Bottling capacity (TMTPA) (PSUs only) stood at 22,843 as of

140.60

140.30
115.70
114.30

111.30

111.30
110.50
104.50
97.70
May 1, 2024.

89.57
85.10
50.0
▪ In term of active LPG domestic consumer (PSUs only), there were
0.0
32.6 crore users as on May 1, 2024
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Product pipeline Natural Gas Pipeline*

Capacity (MMTPA) Length (kms)

Pipeline as of as of
February 1, 2025 February 1, 2025
Crude Pipeline 153.1 10,445

Product Pipeline 145.8 24,130

Natural Gas Pipeline 111.63 (as of March 31, 2023) 29,203 (as of September 30, 2024)

Note: MMT - Million Metric Tonne, MMTPA - Million Metric Tonnes Per Annum, OMC - Oil Marketing Companies, PSU - Public Sector Unit, *As of November 1, 2023
Source: Ministry of Petroleum and Natural Gas

21
State-wise list of CNG stations in the country (1/2)
State CNG Stations as of December 31, 2024 State CNG Stations as of December 31, 2024
Andhra Pradesh 199 Jharkhand 74

Andhra Pradesh, Karnataka & 47 Karnataka 418

Tamil Nadu*
Kerala 178
Assam 27
Kerala and Puducherry* 25
Bihar 161
Madhya Pradesh 328
Bihar & Jharkhand* 18
Madhya Pradesh & Chhattisgarh* 9

Bihar & Uttar Pradesh* 26 Madhya Pradesh & Rajasthan* 37

Madhya Pradesh & Uttar Pradesh* 20

Chandigarh, Haryana, Punjab & 34
Himachal Pradesh* Maharashtra 962

Dadara & Nagar Haveli 6 Maharashtra & Gujarat* 76

Daman and Diu 5 Maharashtra & Madhya Pradesh* 16

Daman and Diu & Gujarat 15

National Capital Territory of Delhi 494
(UT)
Goa 14
Odisha 128
Gujarat 1,026
Puducherry 10
Haryana 447
Puducherry & Tamil Nadu* 8
Haryana & Himachal Pradesh* 14
Punjab 230
Haryana & Punjab* 27
Punjab & Rajasthan* 24
Himachal Pradesh 16
Rajasthan 361
Source: Ministry of Petroleum and Natural Gas
* Some of the GAs authorized by PNGRB span areas in more than one state; Compressed natural gas (CNG)

22
State-wise list of CNG stations in the country (2/2)
State CNG Stations as of December 31, 2024
Tamil Nadu 362

Telangana 204

Telangana & Karnataka* 12

Tripura 22

Uttar Pradesh 1,039

Uttar Pradesh & Rajasthan* 47

Uttar Pradesh & Uttarakhand* 33

Uttarakhand 26

West Bengal 152

Total 7513

Source: Ministry of Petroleum and Natural Gas

* Some of the GAs authorized by PNGRB span areas in more than one state; Compressed natural gas (CNG)

23
Key domestic oil and gas companies

Total Income from

Ownership
Company Operations in FY23
(%) as of FY24
(US$ billion)
51.50%
Indian Oil Corporation Limited 106.37
state-owned

Reliance Industries Public Listed 119.9

Bharat Petroleum Corporation 52.98%

61.20
Limited state-owned

54.9%
Hindustan Petroleum
state-owned (through 55.76
Corporation Limited
ONGC)
58.89%
ONGC 19.75
state-owned

51.90%
GAIL India Limited 16.16
state-owned

56.66%
Oil India Limited 4.52
state-owned

Note: : FY - Indian Financial Year from April-March

24
Recent Trends and Strategies

25
Notable trends in the oil and gas sector

5. Open Acreage Licensing

1. Coal Bed Methane (CBM)
Policy
• Production of CBM in April 2024 stood at
54.77 MMSCM. • Open Acreage Licensing Policy (OALP), which
allows an explorer to study the data available
and bid for blocks of his choice, has been
5 initiated to increase foreign participation by
global E & P companies like Shell, BP, Conoco
1 Phillips, etc.
• In 2022, the Ministry of Petroleum and Natural
Gas launched the ninth bid round under the
2. Underground Coal OALP. Under this round, investors were
Gasification (UCG) offered around 223,031.4 square kilometre.
• The technology was first widely used in
the US in the 1800s and in India (Kolkata
and Mumbai) in the early 1900s. 2 4 4. Oil & Gas Pricing
• UCG is currently the only feasible
technology available to harness energy
from deep unmineable coal seams • As announced in May 2023, Jio-bp, the retail
economically and in an eco-friendly fuel joint venture of Reliance and bp will sell
manner. It reduces capital outlay, 3 diesel mixed with detergents and dispersants at
Rs. 1 cheaper per litre than gasoil sold by the
operating costs and output gas expenses
by 25-50% vis-a-vis surface gasification. state-run companies, such as IOCL, BPCL, and
HPCL.
3. Gas hydrates and bio-fuels • Organisation of the Petroleum Exporting
Countries (OPEC) meets 78% of India's crude
• The Government initiated the National Gas oil demand, 59% LPG needs and 38% LNG
Hydrate Programme (NGHP), a consortium of consumption.
national E & P companies and research • India’s oil demand in the year 2024 is expected
institutions, to map gas hydrates for use as an to see a growth of 220,000 barrels per day to
alternate source of energy. reach 5.57 million barrels per day, up 4.19%
• Bio-fuels (bio-ethanol and bio-diesel) are alternate from 2023, as per an estimate by OPEC.
sources of energy from domestic renewable
resources. These have lower emissions compared
to petroleum or diesel.

26
Strategies adopted… (1/4)
1
Expansion
▪ ONGC inked a Memorandum of Understanding (MoU) with NTPC Green Energy Limited (NGEL) to realize its Renewable energy objectives
towards energy transition on September 27, 2023. The MoU will primarily explore the feasibility and setting up of Renewable Energy Projects
in various domains.
▪ In September 2023, ONGC inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Limited (MRPL)
which is the largest single-location PSU refinery in the country.
▪ In August 2023, Oil and Natural Gas Corporation Limited (ONGC) signed a term contract with Bharat Petroleum Corporation Limited (BPCL)
for the sale of crude oil from the Mumbai region, which marked the first-ever term contract under the Marketing Freedom regime.
▪ Indian refiner Bharat Petroleum Corporation Limited (BPCL) is planning to invest US$ 18.16 billion over five years to grow its oil business
and expand its renewable energy portfolio as it aims for a 2040 net zero goal.
▪ Tata Mining Limited signed an MoU with Gas Authority of India Limited (GAIL), in order to reduce carbon footprint in its operations, and for
the supply of natural gas to its Ferro Alloys Plant at Athgarh in Odisha’s Cuttack district. GAIL will supply the agreed quantity of natural gas
through its pipeline from Gujarat to Athgarh.
▪ In February 2023, Oil India Limited commenced the project for India’s first exploratory oil well in Mahanadi Onshore Basin in Odisha under
OALP.
▪ In February 2023, Prime Minister launched E20 fuel at 84 retail outlets of oil marketing companies in 11 States/UTs along the lines of the
ethanol blending roadmap.
▪ In February 2023, Essar Group plans to set up at least 200 liquefied natural gas (LNG) fuelling stations and serve small gas consumers in
the country.
▪ In May 2022, ONGC announced plans to invest US$ 4 billion from FY22-25 to increase its exploration efforts in India.
▪ In March 2022, the Board of IOCL approved plans to invest Rs. 7,282 crore (US$ 932.6 million) for the development of City Gas Distribution
(CGD) network in 9 geographical areas (GAs).
▪ In March 2022, the Board of Oil India approved an investment of Rs. 6,555 crore (US$ 839.49 million) for the Numaligarh petrochemical
project.
▪ In January 2022, Indian Oil Corp. Ltd. (IOCL) announced plans to expand its city gas distribution (CGD) business, looking to invest Rs. 7,000
crore (US$ 918.6 million).
▪ In January 2022, Adani Total Gas Ltd (ATGL), a joint venture between the Adani Group and TotalEnergies, won licences to expand its City
Gas Distribution (CGD) network to 14 new geographical areas, with an investment of Rs. 20,000 crore (US$ 2.62 billion).

Source: Bloomberg Reports, News Articles

27
Strategies adopted… (2/4)

2
Diversification
• Oil companies are focusing on vertical integration for the next stage of growth. For instance, oil producer Oil India Ltd. is planning to build
and operate refineries, while Indian Oil is planning to enter oil and gas exploration
• In July 2021, India diversified procurement for crude by announcing its first shipment from Guyana. This move also indicates a future
roadmap for extended alliance with Guyana in the oil & gas sector.

3
Investments to enhance production
• Minister of Petroleum & Natural Gas Mr. Hardeep Singh Puri said the Exploration and Production (E&P) sector offers investment
opportunities worth US$ 100 billion by 2030.
• In February 2024, Prime Minister, Mr. Narendra Modi unveiled a strategic investment plan of US$ 67 billion for the Indian gas sector over
the next 5-6 years, to raise the share of natural gas in the primary energy mix from 6% to 15%.
• In February 2022, Minister of Petroleum & Natural Gas, and Housing & Urban Affairs, Mr. Hardeep Singh Puri, said that India will more
than double its exploration area of oil and gas to 0.5 million sq. km. by 2025 and to 1 million sq. km. by 2030 with a view to increase
domestic output.
• In November 2021, Oil and Natural Gas Corp. Ltd (ONGC) announced that it invested up to Rs. 6,000 crore (US$ ~800 million) in the
petrochemicals arm—ONGC Petro Additions Ltd. (OPaL)—to meet its equity requirements.

4
Commercial use of oil
• This flexibility will encourage the company to store more oil in the three strategic petroleum reserves built at Visakhapatnam, Mangalore,
and Padur and will act as an insurance against supply and price disruptions.

Notes: ISEER - Indian Seasonal Energy Efficiency Ratio

Source: News Articles, techARC1

28
Strategies adopted… (3/4)

5
Pilot project Initiated for Shale Gas Production in India
• Cairn Oil & Gas, a Vedanta Group company, has announced plans to invest US$ 700 million to boost the drilling infrastructure at its 100
exploratory wells in the country, including in the pilot project for shale oil/gas in Rajasthan’s Barmer region.
• Oil and Natural Gas Corp (ONGC) has started shale gas exploration by spudding the first Shale Gas well RNSG-1 in Burdwan district of
West Bengal.
• In July 2021, Great Eastern Energy Corporation Limited (GEECL) announced plans to invest Rs. 15,000 crore (US$ 1.96 billion) for shale
gas core well exploration in West Bengal.

6
Move to non-conventional energy resources
• In April 2022, Indian Oil Corporation Limited, Larsen & Toubro and Goldman Sachs-backed renewable energy producer ReNew Power
formed a joint venture by signing a term sheet. This JV will develop green hydrogen projects, helping India cut down its carbon emissions.
• In February 2022, Nepal and India agreed to form a Joint Hydro Development Committee to explore the possibility of viable hydropower
projects.
• In September 2021, Indraprastha Gas Limited (IGL) signed a memorandum of understanding with the South Delhi Municipal Corporation
(SDMC) to build a waste to energy plant in Delhi to fuel vehicles.
• In July 2021, Indian Oil Corporation (IOC) announced plans to establish India’s first green hydrogen plant at the Mathura refinery to
introduce green hydrogen activities and projects in the oil and gas sector in the country.

7
More focus upon small companies
• Private sector units like Adani, Sun Petrochemicals and few new entrants have bagged 1/3rd of small oil and gas fields.

Source: CEAMA, India Retail Report, Business Line, IMAP India, News Sources

29
Strategies adopted… (4/4)

8
Innovate for India
• In April 2022, Bharat Petroleum Corporation Ltd. (BPCL) and Microsoft established a strategic cloud partnership targeted at speeding up
the company's digital transformation and influencing the oil and gas industry's future innovation.
• In February 2021, IndianOil Corp. Ltd. signed a ‘statement of intent’ with Greenstat Hydrogen India Pvt. Ltd. to establish a centre of
excellence for hydrogen value chain and other related technologies such as hydrogen storage, fuel cells, etc.

9
Model Retail Outlet Scheme
• In November 2021, Indian Oil, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited announced the
launch of Model Retail Outlet Scheme and a Digital Customer Feedback Programme called Darpan@petrolpump. These three oil PSUs
have joined hands to launch Model Retail Outlets to enhance service standards and amenities across their networks, which serve over
six crore consumers every day.

10
ONGC Videsh
• As of June 2021, ONGC Videsh is in the process of raising US$ 525 million in overseas foreign money loans from a mixture of home and
overseas lenders to repay bonds maturing in the subsequent months.
• ONGC Videsh, the abroad arm of the state-run explorer Oil and Natural Gas Corporation, is in discussion with half a dozen international
and domestic banks for the loan.

11
Government initiatives
• Prime Minister, Mr. Narendra Modi unveiled a strategic investment plan of US$ 67 billion for the Indian gas sector over next 5-6 years.

Source: CEAMA, India Retail Report, Business Line, IMAP India, News Sources

30
Growth Drivers

31
Growth drivers

Growing demand Favourable business condition Government support

Robust growth in domestic 100% FDI investment

Abundant raw material
market allowed

Increasing demand for

Skilled labour Favourable policies
natural gas

Notes: TCM - Trillion Cubic Metres, EandP - Exploration and Production

Source: Ministry of Petroleum and Natural Gas, US Energy Information Administration, BP Statistical Review of World 2015 Energy, June 2012; BMI

32
Rising demand

Crude oil consumption and forecast (MT) Natural gas consumption and forecast (MCMPD)

600
CAGR 4.59% CAGR 12.2%
600

550.00
500
500

500.00
400
400
300
300

200 200
233.30

174.00
100 100

0 0
FY24 FY40F 2021 2030F

▪ Energy demand of India is anticipated to grow faster than the energy demand of all major economies on the back of robust economic growth.
Consequently, India’s energy demand as a percentage of global energy demand is expected to rise to 11% in 2040 from 6% in 2017.

▪ Crude oil consumption is expected to grow at a CAGR of 4.59% to 500 million tonnes by FY40 from 233.3 million tonnes in FY24.

▪ Natural Gas consumption is forecast to increase at a CAGR of 12.2% to 550 MCMPD by 2030 from 174 MCMPD in 2021.

▪ Diesel demand in India is expected to double to 163 million tonnes by 2029-30.

▪ India’s oil consumption is forecast to rise from 4.05 MBPD in FY22 to 7.2 MBPD in 2030 and 9.2 MBPD in 2050.

▪ According to IEA, India is projected to emerge as the largest contributor to global oil demand growth within the next seven years. The country,
already the world’s second-largest net importer, faces a 22% decline in domestic production, reaching 540 thousand barrels per day (b/d) by 2030
from the current 700 thousand b/d.
Notes: F-Forecast, MT - Million Tonnes, MCMPD - Million Cubic Metres Per Day
Source: BP Statistical Review of World Energy 2019, BP Energy Outlook 2019, News Articles

33
Regulatory overview of the industry

1
National Policy on Biofuels, 2018
• Proposed an indicative target of 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030. In May 2022, this policy
was amended, bringing the 20% target forward to 2025-26.
• Promoted advanced biofuels through a viability gap funding scheme of Rs. 5,000 crore (US$ 745.82 million) in six years for 2G ethanol
bio refineries along with additional tax incentives.

2
Ethanol Procurement Policy
• The Ministry of Petroleum and Natural Gas released an ‘Ethanol Procurement Policy’ on a long-term basis under the ‘Ethanol Blended
Petrol (EBP) Programme’ (October 11, 2019) which covers modalities for long-term ethanol procurement, proposed mechanisms for
long-term procurement contracts, pricing methodology and other topics.

3
Liquefied natural gas (LNG) policy
• The Ministry of Petroleum and Natural Gas released a draft LNG policy that aims to increase the country's LNG re-gasification capacity
from 42.5 MTPA to 70 MTPA by 2030 and 100 MTPA by 2040.

4
Open Acreage Licensing
▪ Launched in June 2017, it allowed companies to carve out area for petroleum exploration and production (E&P). The policy, launched
under the Hydrocarbon Exploration and Licensing Policy (HELP), replaced New Exploration and Licensing Policy under which bidders did
not have the freedom of carving out areas for E&P.

Source: CEAMA, India Retail Report, Business Line, IMAP India, News Sources

34
FDI investments in petroleum and gas in India

FDI Inflow in Petroleum and Natural Gas between April 2000-September 2024 (US$ billion)

18.00

16.00

14.00
8.19
12.00 8.16

10.00 0.00

8.00
0.81 0.11 0.05 0.18 0.03
6.00 0.11 0.18 0.03 0.14
1.07
0.50 2.04 0.11
4.00 7.98
0.14
2.00

0.00
FY01-FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25*

▪ FDI inflows in India’s petroleum and natural gas sector stood at Rs. 43,760.75 (US$ 8.19 billion) between April 2000-September 2024.
▪ India has invited global firms to invest in its strategic petroleum reserves (SPRs) owing to the country’s rising energy consumption. India’s share in
global energy consumption is set to rise from 7% to 12% in 2050.

Source: Department Of Promotion Of Industry And Internal Trade

35
M&A activities in the Indian oil and gas sector

Date Acquirer name Target name Value of deal (US$ million)

Nov 2024 Botas Petroleum Pipeline Swan Energy 399

Sept 2023 Oil and Natural Gas Corporation ONGC Petro additions 1799

Shapoorji Pallonji Group's Sterling & Wilson

Jun 2022 Reliance New Energy Ltd (RNEL) 525.5
Renewable Energy Ltd (SWREL)

Jun 2022 Adani Ports and SEZ Limited Ocean Sparkle Limited (OSL) 201

Oil India Ltd. (54.16%), Engineers India Bharat Petroleum Corporation (Numaligarh
Mar 2021 1,361
(4.4%) and Government of Assam (3.2%) Refinery 61.5% stake)

Jan 2021 Total Adani Green Energy (20% minority stake) 2,500

Source: Thomson Banker, News Articles

36
Opportunities

37
Opportunities
1. Midstream segment
▪ Expansion in the transmission network of 3. Upstream segment
gas pipelines.
▪ Locating new fields for exploration: 78%
▪ As of March 2022, the Petroleum and
Natural Gas Regulatory Board (PNGRB)
authorised the 34,135-km natural gas
pipeline network to develop a national gas
1 of the country’s sedimentary area is yet to
be explored.
▪ Increasing the share of natural gas: The
government is working towards increasing
grid and boost the availability of natural
gas in India. the share of gas from 6.3% (July 2022) to
15% of the energy mix by 2030.
▪ LNG imports have increased significantly,
which provides an opportunity to boost ▪ Development of unconventional
production capacity. resources: CBM fields in the deep sea.
▪ In light of mounting LNG production, huge
opportunity lies for LNG terminal
operation, engineering, procurement, and
construction services.
2 3 ▪ Opportunities for secondary/tertiary oil-
producing techniques.
▪ Higher demand for skilled labour and
oilfield services and equipment.

2. Downstream segment
▪ India is already a refining hub with 23 refineries, and expansion is planned for tapping foreign investment in export-oriented infrastructure, including
product pipelines and export terminals.
▪ The Petroleum and Natural Gas Regulatory Board (PNGRB), the downstream regulator, in March 2023, announced that it has amended the PNGRB
Determination of Natural Gas Pipeline Tariff regulations to incorporate provisions for Unified Tariff for natural gas pipelines with a mission of “One
Nation, One Grid, and One Tariff.” Based on the regulations, PNGRB has notified a levelized Unified Tariff of Rs. 73.93/MMBTU and created three
tariff zones for Unified Tariff, where the first zone is up to a distance of 300 km from the gas source, the second zone is 300-1.200 km, and the third
zone is beyond 1,200 km.
▪ Development of City Gas Distribution (CGD) networks similar to Delhi and Mumbai’s CGDs.
▪ India is set to expand its natural gas grid to 34,500 km by adding another 17,000 km worth of gas pipelines. The regasification capacity of the existing
42 MMT per annum was expected to be expanded to 61 MMT per year by 2022.
▪ Indian companies are expected to spend Rs. 100 billion (US$ 1.35 billion) over three years on 1,000 liquefied natural gas (LNG) stations along main
roads and industrial corridors and in mining areas to cut diesel consumption.
Note: MMBTU-Metric Million British Thermal Units

38
Key Industry Contacts

39
Contact information

Name Address Contact person Telephone E-mail

Oil Industry 3rd Floor, Tower C, Plot No. 2, Mr. Ajay Srivastava,
0120-2594630
Development Sector - 73, Noida, Uttar Financial Adviser and [email protected]
0120-2594603
Board (OIDB) Pradesh - 201301 Chief Accounts Officer
Petroleum
Conservation Sanrakshan Bhavan, 10 Bhikaji
91-11- 26198799
Research Cama Place, New Delhi - Mr. Alok Tripathi, ED [email protected]
Ext.301
Association 110066
(PCRA)
Ministry of Power, 4th floor,
Bureau of Energy Mr. Abhay Bakre, 91-11- 26178316,
SEWA Bhawan, RK Puram, [email protected]
Efficiency (BEE) Director General 91-11- 26179699
New Delhi - 110066
Ministry of Petroleum & Natural
Gas,
Oil Industry Safety 8th Floor, OIDB Bhawan, Plot Mr. Varanasi
0120-2593800 [email protected]
Directorate No 2, Janardhana Rao, ED
Sector-73, Noida, Uttar
Pradesh-201301
Ministry of Petroleum and
Petroleum Planning Natural Gas, 2nd floor, Core-8, Mr. Vinod Kumar,
and Analysis Cell SCOPE Complex, 7 Institutional Deputy Director - 011-24306153 [email protected]
(PPAC) Area, Lodhi Road, New Delhi - Information Technology
110003
Ministry of Petroleum and
Directorate General Mr. Atanu Chakraborty,
Natural Gas, OIDB Bhawan, 0120 - 2472001 [email protected]
of Hydrocarbons Director General
Plot No 2, Sector 73, Noida

40
Appendix

41
Glossary

▪ B/D (or bpd): Barrels Per Day

▪ MBPD (or mbpd): Million Barrels Per Day

▪ BCM (or bcm): Billion Cubic Metres

▪ CBM: Coal Bed Methane

▪ CGD: City Gas Distribution

▪ EandP: Exploration and Production

▪ FDI: Foreign Direct Investment

▪ FY: Indian Financial Year (April to March)

▪ FY20 implies April 2019 to March 2020

▪ GoI: Government of India

▪ Rs.: Indian Rupee

▪ PM: Prime Minister

▪ LNG: Liquefied Natural Gas

▪ MMT (or MMT): Million Metric Tonne

▪ MMTPA (or mmtpa): Million Metric Tonnes Per Annum

▪ EBITDA: Earning Before Interest Taxes Depreciation Amortisation

▪ NRL: Numaligarh Refinery Limited

▪ CPCL: Chennai Petroleum Corporation Limited

▪ HPCL: Hindustan Petroleum Corporation Limited

▪ BPCL: Bharat Petroleum Corporation Limited

42
Glossary

▪ IOC: Indian Oil Corporation Ltd

▪ EOL: Essar Oil Ltd

▪ RPL: Reliance Petroleum Limited

▪ MRPL: Mangalore Refinery and Petrochemicals Limited

▪ PCCK: Petronet Cochin-Coimbatore-Karur

▪ PMHB: Petronet Mangalore-Hassan-Bangalore

▪ OALP: Open Acreage Licensing Policy

▪ TOE (or toe): Tonnes of Oil Equivalent

▪ US$ : US Dollar

▪ ONGC: Oil and Natural Gas Corporation of India

▪ IOCL: Indian Oil Corporation Limited

▪ mn bbl: Million Barrels

▪ CAGR: Compound Annual Growth Rate

▪ JV: Joint Venture

▪ UCG: Underground Coal Gasification

▪ NGL: Natural Gas Liquids

▪ OMCs: Oil Marketing Companies

▪ NHGP: National Gas Hydrate Programme

▪ Wherever applicable, numbers have been rounded off to the nearest whole number

43
Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$

2004-05 44.95 2006 45.33

2005-06 44.28 2007 41.29
2006-07 45.29
2008 43.42
2007-08 40.24
2009 48.35
2008-09 45.91
2010 45.74
2009-10 47.42
2011 46.67
2010-11 45.58
2011-12 2012 53.49
47.95
2012-13 54.45 2013 58.63
2013-14 60.50 2014 61.03
2014-15 61.15 2015 64.15
2015-16 65.46 2016 67.21
2016-17 67.09
2017 65.12
2017-18 64.45
2018 68.36
2018-19 69.89
2019 69.89
2019-20 70.49
2020 74.18
2020-21 73.20 2021 73.93
2021-22 74.42 2022 79.82
2022-23 78.60 2023 82.61
2023-24 82.80 2024 84.49
2024-25** 85.34 2025* 86.20

Note: *- Until January 2025, **- April 2024- January 2025

Source: Foreign Exchange Dealers’ Association of India

44
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45