Oil & Gas Industry in India

February 14, 2018

India is one of the fastest growing major economies in the world and the third largest consumer of petroleum products, after US and China.1 Although there is an increased focus on gas and renewables, demand for oil has always been on the rise, and is estimated to grow at least until 2040.2 As per the report published by India Brand Equity Foundation (IBEF)3, India’s energy demand is expected to double to 1,516 million tonnes of oil equivalent (Mtoe) by 2035 from 723.9 Mtoe in 2016. Moreover, India’s share in global primary energy consumption is projected to increase by two-folds by 2035.

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