India has emerged as a major player in the global energy market, with the country ranking third in the world for primary energy consumption, according to the India Energy Outlook 2021 report by the International Energy Agency (IEA). Additionally, India is now the third-largest consumer of oil, third-largest LPG consumer, fourth-largest LNG importer, and fourth-largest refiner. These impressive statistics have been shared by Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, and have been applauded by the Prime Minister, who stated that India is committed to self-reliance in energy and sustainable growth.
India’s energy requirements are met through domestic production and imports from various regions, including the Middle-East, Africa, Europe, North America, South America, and South-East Asia. To meet the increased demand for hydrocarbon fuel, India is adopting various strategies, including attracting investments in Exploration & Production to enhance domestic oil and gas production, shifting to a gas-based economy, improving refinery processes through technological upgradation, increasing energy efficiency and productivity, accelerating the bio-fuel economy, expanding overseas oil and gas portfolios, and diversifying oil and gas supply sources.
The government has also taken up the development of a National Gas Grid and City Gas Distribution Networks to provide clean and green fuel to the public across major demand centers in the country. According to the Ministry of Power, India is adding significant thermal, large hydro, and nuclear energy capacity to meet its growing energy needs.
