Welcome to Consulate General of India, Houston

Oil & Gas

🡨 Renewable Energy

Energy demand with specific reference to Hydrocarbon Resources

The energy demand rises with social and economic development in the country. India is the 3rd largest consumer of energy after USA and China.

India is on the verge of becoming the most populous nation in the world, by surpassing China.

... “combined with the twin forces of urbanization and industrialization, this underpins rapid growth in energy demand, which rises by more than 3% per year from 2021 to 2030. Even though India continues to make great strides with renewables deployment and efficiency policies, the sheer scale of its development means that the combined import bill for fossil fuels doubles over the next two decades. ”
(Source: World Energy Outlook 2022, IEA)

According to IEA's World Energy Outlook 2022 based on the stated policies scenario, The demand for natural gas in the country would nearly double to 115 billion cubic meters (BCM) in 2030 from 66 BCM in 2021, with most of the growth coming from manufacturing and other industry. India's import of oil will rise 50% (~310 MMT) by 2030 due to soaring domestic demand.

Fossil fuels make up ~90% of India’s primary energy requirement. While coal accounts for ~56.7% of the energy mix, oil and gas account for ~26.5% and ~6.3% respectively.
(Source: BP Statistical Review of World Energy, June 2022)

The import dependency on crude oil and natural gas based on consumption of petroleum products in 2022-23 was about ~87.3% and 44.2% respectively.

The oil and gas sector plays a critical role in meeting India’s growing energy need and ensuring energy security for the country. India is presently the third-largest oil importer globally. The government is working on several initiatives to enhance domestic production of energy sources to reduce import dependency.