Import volume of LNG into India FY 2012-2023

The oil and gas sector in India are one of its eight core industries. The south Asian country is the world’s third largest energy and oil consumer after China and the United States. It was also the fourth largest importer of liquified natural gas globally in 2017. The import volume of LNG into the country was estimated to be around 23.2 million metric tons by the end of fiscal year 2022. 

Oil and gas – domestic market

The government has adopted several policies in order to fulfill the increasing gas demand. FDI inflows in the petroleum and natural gas sector were almost 122 million U.S. dollars in 2019. In terms of natural gas, western India had the maximum installed capacity of around 108 thousand megawatts. To meet the demands, natural gas is being manufactured both on offshore and onshore locations. However, to transform India into a manufacturing hub, the government has been encouraging domestic production. Over the years, the offshore gas production has been on the decline, contrary to the onshore production, which has been increasing for the same time period.

The road ahead

Energy demand is expected to grow at a faster rate due to the continuous robust growth. The energy demand as a percentage of global energy demand was around five percent in 2017 and was estimated to increase to 11 percent by 2040.