OCEANTEX - Offshore Conference and Technology Exposition 2012

Indian Hydrocarbon Sector On Fast Growth

Energy is essential for economic development and oil and gas play a major role in fuelling the economic growth of any country. India is the 8th largest oil consumer in the world and expected to be the 5th largest by 2025. The investment outlay in the oil and gas sector, as provided by the tenth five-year plan (2002-07), is US $ 13.05 billion in the upstream sector alone. The total investment over the next 25 years is expected to be US$ 110 -120 billion. More areas and opportunities for investment, technology and entrepreneurship are now open for the global players as well as for India’s own public and private sectors. As declared by ONGC sources, India’s largest gas find is expected to be around 22 trillion cubic feet (TCF) at the Krishna Godavari (KG) basin. India has invited foreign companies to invest and participate in the Indian hydrocarbon sector as a bulk of oil and gas potential still “remain locked up” in its basins.