Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
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India was the third largest consumer of oil globally in 2017. The oil and gas sector was one of the eight core industries in the south Asian country. Furthermore, it played a major role for the development of the economy. In 2018, major consumption of natural gas in the nation came through the fertilizer industry. ONGC was the largest oil and gas exploration and production company in India. With a net worth of nearly two trillion Indian rupees in financial year 2020, the state-owned enterprise produced about 70 percent of the country’s crude oil, and over 80 percent of its natural gas.
Natural gas in India
In 2019, the production of offshore natural gas by public sector units in India amounted to around 52 million metric standard cubic meters per day. The onshore production, however, remained comparatively low. With robust economic growth, foreign direct investments in the Indian oil and petroleum sector were estimated to increase exponentially.
Energy sector in India
India has had a pronounced growth in energy sector investments in recent years. Coal energy, one of the primary sources of electricity within the nation, could presumably face rising challenges from water shortages and the growth of low-cost renewables. Government policies have been adapted to suit and encourage eco-friendly energy principles. In addition, decreased on and offshore prices of renewable resources are likely to weaken the fossil fuel industry even further.
Natural gas in India
In 2019, the production of offshore natural gas by public sector units in India amounted to around 52 million metric standard cubic meters per day. The onshore production, however, remained comparatively low. With robust economic growth, foreign direct investments in the Indian oil and petroleum sector were estimated to increase exponentially.
Energy sector in India
India has had a pronounced growth in energy sector investments in recent years. Coal energy, one of the primary sources of electricity within the nation, could presumably face rising challenges from water shortages and the growth of low-cost renewables. Government policies have been adapted to suit and encourage eco-friendly energy principles. In addition, decreased on and offshore prices of renewable resources are likely to weaken the fossil fuel industry even further.
