The Role of Oil and Natural Gas Industry in India GDP is very significant as it is one of the biggest contributors to both the Central and State treasuries.
Role of Oil and Natural Gas Industry in India GDP-Highlights
India is the 6th largest consumer of petroleum
By the year 2010, India is expected to rank 4th in terms of consumption of energy
- The contribution of the Indian Oil and Natural Gas Industry is nearly US$ 13.58 billion
- All of the oil refineries in India, apart from two are operated by the states
- The total refinery output in the period 2005-06 was 130.11 million tonnes
- The growth rate of the refinery output was increased by 2.1 % in the year 2005-06
- The crude oil output at the end of 2006-07 was 33.98 million tonnes
- The growth rate of the crude oil output was increased by 5.6% in the year 2006-07
- The production of natural gas in the year 2006-07 was 31.55 billion cubic meters
- Indian petroleum demand depends highly on import of oil and natural gas
- Around 70% of the demands are fed by the imports of oil and natural gas
- The security pertaining to energy has become one of the primary concerns of the Central Government
- Presently India is trying to grab a share of the oil and gas fields from Central Asia to Myanmar and Africa
- The area of interest for the Indian Oil and Natural Gas Industry is to search for petroleum in both offshore and onshore blocks
Role of Oil and Natural Gas Industry in India GDP-World's refiner
- The cost effective refining in India is attracting the attention of several international players
- India is one of the most important markets for petroleum products and crude oil
- The crude oil from Middle East is easily transported to India by means of the sea routes
Role of Oil and Natural Gas Industry in India GDP-Investments Abroad
- India is one of the largest investors in oil fields located abroad
- Most of the Government owned oil companies have share in the oil and gas fields in different places of the world such as Sudan, Egypt, Libya, Ivory
- Coast, Vietnam, Myanmar, Russia, Iraq, Qatar, and Australia
- India has 20 % share in Sakhalin-I oil project in Russia
- The Oil and Natural Gas Corporation (ONGC) has entered into an agreement with ENI to acquire 20-25 % share of the Congo oil block