The Oil & Gas Year India 2012
As one of the world’s fastest growing economies, India is desperately seeking new energy resources to fuel its economic growth. The nation is currently the fourth-largest consumer of crude oil in the world, while demand continues to increase at a steady rate.
The new exploration licensing policy (NELP) has contributed to fostering domestic production over the past decade, but the past two rounds have failed to attract foreign international corporations, which are needed to enhance the country’s domestic potential. Meanwhile, national oil corporations are increasingly venturing abroad to seek new upstream opportunities as a way to bridge the gap between supply and demand.
Indian sedimentary basins are still largely underexplored, especially in offshore and deepwater, and a number of international players and local companies are looking to capitalise on this. Unconventional resources hold great potential for India, but have yet to be developed.
In the downstream sector, India has emerged as an important refining hub, set to become Southeast Asia’s largest by 2013.
The Oil & Gas Year India 2012 provides a realistic picture of the energy challenges ahead for the Indian subcontinent, and reveals the many business opportunities for international corporations willing to take up the challenge.