February 2025

OIL AND GAS

Import and Domestic Oil Production in India (MBPD) Domestic Gas Production (BCM)
0.64 0.60 0.58 0.59
0.74 0.72 0.64 0.68
0.61 0.40

4.41 4.53 4.54 4.67 4.66

4.06 4.28 4.01
3.96 28.74 33.89 31.91
26.65
30.91
21.39 24.69 26.33 32.86 28.30
4.24
31.24 30.92 31.80 32.88 31.18 33.66
28.67 34.02 35.71 30.38

MARKET FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25* FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25*
SIZE Oil Imports Oil Production Gas production Gas Imports

Note: Note: MBPD– Million Barrels Per Day , BCM – Billion Cubic Metres,*Until December 2024

Crude Oil Production (in MMT) Development Drilling Activities (FY19

Provisional)
10.4 9.9 9.6 8.4 7.4 7.3 6.5 6.8 649
3.3 3.4 3.3 3.1 2.9 3.0 3.2 3.3 338
165.0
20.9 20.8 20.6 20.2 63.0
19.6 19.5 19.5 19.2

Wells Meterage
SECTOR FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Offshore Onshore
COMPOSITION ONGC OIL Pvt/JV
Note: MMT – Million Metric Tonnes Note: Meterage in '000 metres

Export of Petroleum Products from India (MMT) Product-wise Export of Petroleum Products
from India in FY24 (MMT)
66.8 65.7 62.7
61.1 61.0 62.4
10,868

56.8
6,973
4,316

3,832
23,361

1630
53.3
432

7
6
-
MS

SKO

LDO

Bitumen
LPG

Naphtha

HSD

Others^
ATF

LOBS/ Lube

Fuel Oil
Oil

KEY FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25*

TRENDS Note: MMT – Million Metric Tonnes, HSD – High speed Diesel, MS – Motor Spirit, ATF – Aviation Turbine Fuel, LPG –
Liquefied Petroleum Gas, LDO – Light Diesel Oil, SKO – Superior Kerosene Oil, LOBS – Lubricating Oil Base Stocks,
^Others includes Petcoke/CBFS, Hexane, Benzene, MTO (Mineral Turpentine Oil), Sulphur, etc., *Until January 2025

100% FDI in Policies: Freight Subsidy

GOVERNMENT Exploration and Production NELP and CBM Scheme
INITIATIVES projects
Note: NELP – New Exploration Licensing Policy, CBM – Coal Bed Methane

• Growing demand: Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045. Diesel
demand in India is expected to double to 163 MT by 2029-30, with diesel and gasoline covering 58% of India’s oil demand by 2045.
• Rapid expansion: India aims to commercialize 50% of its SPR (strategic petroleum reserves) to raise funds and build additional
storage tanks to offset high oil prices. Indian refiners would add 56 million tonnes per annum (MTPA) by 2028 to increase domestic
capacity to 310 MTPA. Indian refining capacity has increased from 215.1Million Metric Tonne Per Annum (MMTPA) to 256.8
MMTPA in last 10 years.
• Policy support: The Union Budget 2025-26 has allocated Rs. 5,597 crore (US$ 640.46 million) to the petroleum and natural gas
(PNG) ministry for phase II of the Indian Strategic Petroleum Reserves Ltd (ISPRL) project, aimed at turning two vast underground
ADVANTAGE caverns into petroleum storage facilities.
• Supportive FDI Guidelines: In July 2021, the Department for Promotion of Industry and Internal Trade (DPIIT) approved an order
INDIA allowing 100% foreign direct investments (FDIs) under automatic route for oil and gas PSUs.

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