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Thursday 19 July 2018

Finding greener crudes




India is the third-largest oil consuming nation in the world. Is the country feeling the heat of crude imports? Is it time already to look for better alternates to meet our energy demands?
By Debarati Das
The oil & gas industry is undoubtedly the lifeline of any economy and the slightest fluctuation can have some of the biggest repercussions to various other industries dependent on it. India is the third-largest oil consuming nation in the world and the fourth-largest Liquefied Natural Gas (LNG) importer after Japan, South Korea and China.
India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally, according to India Brand Equity Foundation (IBEF). In October 2017, oil imports saw a sharp rise by 27.89 percent to reach $9.29 billion while oil consumption grew 8.3 percent to 212.7 million tonnes in 2016, as against the global growth of 1.5 percent.
The country’s domestic LNG demand is expected to grow at a CAGR of 16.89 percent by 2021 and the gas production is expected to touch 90 billion cubic metres (BCM) by 2040. To meet this humongous demand, the country is gearing up with setting gas pipeline infrastructure across the country.
According to BP Energy Outlook, India is expected to overtake China as the largest growth market for energy by late 2020s with the country’s energy consumption growing by more than 4.2 per cent per annum. This growth is expected to be the fastest among all major economies of the world.

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