Indian Hydrocarbon Industry-Meeting energy demand and stepping towards Aatmanirbhar Bharat
As the 5 th largest economy in the world, India faces pressures of high energy demand. The country’s share in global primary energy consumption is projected to increase two-fold by 2035. The hydrocarbon industry has been critical in enabling India to meet its energy requirements. India’s oil demand is steadily growing each year at 3-4%. The country is
dependent on imports for about 83% of its crude oil requirement and to the extent of about 47% in the case of natural gas. India is the 3 rd largest consumer and importer of oil. The oil and gas sector is so significant that its impacts spill over to other aspects of the economy through its strategic linkages. To bridge the gap between energy supply and demand, the
Government is committed to accelerating the exploration and production activities in the country. The government of India has undertaken landmark reforms in the upstream, midstream, and downstream sectors of the Hydrocarbon industry in India. The reforms being undertaken in the hydrocarbon industry are based on the guiding principles of enhancing
domestic oil and gas production, increasing investment, generating sizable employment, enhancing transparency, and reducing administrative discretion.
The energy sector is undergoing a transition towards clean and sustainable energy. This is aligned with India’s goal of net zero emissions by 2070. This transition to clean energy brings forth new opportunities and challenges for hydrocarbons with reference to energy security. For the transition to be enduring and stable, it is imperative that the accessibility
and affordability aspects of energy remain intact. In such a situation, having an overarching international framework for dialogue and policy coordination among producers and consumers can play a vital role by providing an energy security framework, which can then be usefully leveraged. Biofuels hold revolutionary potential within this industry. The government has come up with path-breaking initiatives like the changes in the Biofuel Policy to bring forward the target for 20% ethanol blending with petroleum to 2025-26 from 2030.
The government of India has announced the “Atmanirbhar Bharat Abhiyan” to revive every sphere of the economy and make the country self-reliant against the tough competition in the global supply chain. Through its policy advocacy and initiatives, the CII Hydrocarbon Committee is working in line with the Government’s commitment to becoming Atmanirbhar Bharat by decreasing its dependence on imports and focusing on issues including exploration and production for all forms of hydrocarbons, securing energy security, decarbonisation, ease of doing business and energy transition. Through this, we aim to build a strong foundation of energy security and sustainability to support India’s growth story.
Indian Hydrocarbon Industry-Meeting energy demand and stepping towards Aatmanirbhar Bharat
As the 5 th largest economy in the world, India faces pressures of high energy demand. The country’s share in global primary energy consumption is projected to increase two-fold by 2035. The hydrocarbon industry has been critical in enabling India to meet its energy requirements. India’s oil demand is steadily growing each year at 3-4%. The country is
dependent on imports for about 83% of its crude oil requirement and to the extent of ...