According to the IEA´s World Energy Outlook-2015 report, India´s oil demand is projected to grow by 6 mln barrels per day (mb/d) from 3.8 mb/d in 2014 to 9.8 mb/d by 2040. This is the largest projected for any country´s oil demand, Minister of State (I/C) for Petroleum & Natural Gas, Dharmendra Pradhan, informed the Rajya Sabha. As per the report, there is scope for gas demand to recover to 68 bcm by 2020, before rising to almost 175 bcm in 2040.
To meet rising demand, the government has taken various policy initiatives to enhance oil and gas production, the Minister said. These include, inter alia, approving the Marginal Field Policy, linking transparent new gas pricing formula to global market, reassessing hydrocarbon potential, appraising 1.5 mln sqkm of basins and setting up the National Data Repository. Further, the government is encouraging FDI to supplement domestic investment and technological capabilities in petroleum.
Leave a Reply
You must be logged in to post a comment.