Oil and Gas Industry in India 2021

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Consumption of oil and gas industry in India stood at 4,669 thousand barrels per day in 2020 and is projected to reach 6,132.28 thousand barrels by 2026, expanding at a CAGR of 4.4% during the 2021 – 2026 period.

Description

Oil and Gas Industry Insights

In 2020, India was the third-largest consumer of oil, accounting for ~5.3% of the global oil consumption. Oil and gas jointly accounted for ~35% of the country’s overall energy mix in 2020. Consumption of oil and gas industry in India stood at 4,669 thousand barrels per day in 2020 and is projected to reach 6,132.28 thousand barrels by 2026, expanding at a CAGR of 4.4% during the 2021 – 2026 period.

Production insights

As of 2020, there were 4.5 Bn barrels of proven oil reserves and 1.33 Trn cubic meters of proven natural gas reserves in India. In 2020, India accounted for ~0.9% of the global oil production and ~0.6% of the global natural gas production. The production of oil and natural gas has fallen since 2018. The low productivity of aging oilfields and falling prices have led to a decline in production volumes.

Production slumped further in 2020 in the wake of the COVID-19 pandemic. Unavailability of workers, restrictions on mobility, low offtake from key consumers, and closure of offshore gas fields had a massive impact on production in 2020. However, the government’s impetus to increase the share of natural gas in the energy mix and to reduce import bills is expected to foster the production of natural gas during the forecast period.

Consumption insights

A rapidly growing population, industrialization, and urbanization contributed to the steady increase in oil and natural gas consumption. India is heavily reliant on imports to meet its demand for oil and gas – ~80% of oil demand and ~50% of natural gas demand are met through imports.

In 2020, mainly in the second quarter of CY 2020, stringent lockdowns because of the pandemic impacted the demand for oil and gas in the transportation and industrial sectors.

Market influencers

The growth of the Indian oil and gas industry has been driven by an increasing population, rise in per capita income, and rapid urbanization. A significant development in infrastructure, coupled with the ease of doing business, has motivated the entry of key foreign players such as BP plc, Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and Total SA.

The positive outlook of the Indian transportation sector played an instrumental role in supporting the growth of the oil and gas industry. Light-duty and heavy-duty vehicles are the leading consumers of oil and gas, followed by aircraft, marine, and rail.

Exploration of novel and unconventional sources using frontier oil-producing technologies will boost production. However, factors such as reductions in domestic production, heavy reliance on imports, dominance of state-owned companies, and limited infrastructure investments are impeding market growth.

Impact of COVID-19

The oil and gas industry has been experiencing massive difficulties because of the international price war on one side, and the pandemic on the other. These will have a substantial impact on the domestic market, both in the short and long term.

The nationwide and state-wise lockdowns led to a sharp dip in mobility, transportation, and industrial activities, resulting in a slump in oil consumption. Low demand for oil, gas, and refined products will result in a supply-demand imbalance and a consequent price drop in the near future.

In the long run, the market is predicted to gain momentum. However, excess supply is likely to be predominant in the global market. Laying off of workers because of the pandemic is likely to result in labor shortages during the revival phase.

The focus of the industry is expected to shift towards low-cost and short-cycle sources over the forecast period. Expansion of innovative segments like shale oil and shale gas, adoption of new business models, and market consolidation are projected to be the long-term trends in the market.

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Table of Contents

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. Share of oil and gas in the energy mix (2020)
3.2.2. Proven oil reserves in India (2015 – 2020)
3.2.3. Proven natural gas reserves in India (2015 – 2020)

Chapter 4: Oil and gas industry in India – Production overview
4.1. Oil
4.1.1. Oil production: Historical data (2015 – 2020)
4.1.2. Oil production: Forecast data (2021e – 20256e)
4.2. Natural gas
4.2.1. Natural gas production: Historical data (2015 – 2020)
4.2.2. Natural gas production: Forecast data (2021e – 2026e)

Chapter 5: Oil and gas industry in India – Consumption overview
5.1. Oil
5.1.1. Oil consumption: Historical data (2015 – 2020)
5.1.2. Oil consumption: Forecast data (2021e – 2026e)
5.2. Natural gas
5.2.1. Natural gas consumption: Historical data (2015 – 2020)
5.2.2. Natural gas consumption: Forecast data (2021e – 2026e)

Chapter 6: Production segmentation
6.1. Oil production segmentation
6.2. Natural gas production segmentation

Chapter 7: Trade analysis
7.1. Export scenario
7.2. Import scenario

Chapter 8: Impact of COVID-19
8.1. Impact in 2020
8.2. Impact in 2021
8.3. Impact on production
8.4. Impact on consumption
8.5. Impact on import

Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
Chapter 10: Market opportunities
10.1. Market opportunities
Chapter 11: Strategic expansion
11.1. Strategic expansion
Chapter 2: Competitive landscape
12.1. Bharat Petroleum Corporation Limited
12.1.1. Company information
12.1.2. Business description
12.1.3. Products/Services
12.1.4. Key people
12.1.5. Financial snapshot
Note: Financial data and segment-wise data is available for public companies only
12.2. Chennai Petroleum Corporation Limited
12.3. Hindustan Petroleum Corporation Limited
12.4. Indian Oil Corporation Limited
12.5. Mangalore Refinery and Petrochemicals Limited
12.6. Numaligarh Refinery Limited
12.7. Oil and Natural Gas Corporation Limited
12.8. Oil India Limited
12.9. Reliance Industries Limited
12.10. Nayara Energy Limited Private

Chapter 13: Recent developments
13.1. Recent developments

Chapter 14: Appendix
14.1. Research methodology
14.2. About Netscribes
14.3. Disclaimer

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