Oil and gas industry in India
The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (). As on 31 March 2018, India had estimated crude oil reserves of 594.49 million tonnes (MT) and natural gas reserves of 1339.57 billion cubic meters (BCM).[1][2]
India imports 82% of its oil needs and aims to bring that down to 67% by 2022 by replacing it with local exploration, renewable energy and indigenous ethanol fuel.[3] India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019.[4]
By March 2021, India’s domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30,491.7 Thousand Metric Tonnes (TMT) of crude oil and 28670.6 Million Metric Standard Cubic Metres (MMSCM) of natural gas in the fiscal.[5][6][7][8][9]
History[]
The first oil deposits in India were discovered in 1889 near the town of Digboi in the state of Assam.[10]
The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Gujarat. Natural gas gained further significance after the discovery of large reserves in the South Basin fields by ONGC in the 1970s.[11][12]
Reserves[]
As of 31 March 2019, India had estimated crude oil reserves of 618.95 million tonnes (MT), increasing by 4.1% from the previous year.[13] The largest reserves are found in the Western Offshore (Mumbai High, Krishna-Godavari Basin) (40%), and Assam (27%).[14] The estimated reserves of natural gas in India as of 31 March 2018 was 1,339.57 billion cubic meters (BCM), increasing by 3.87% from the previous year. The largest reserves of natural gas are located in the Eastern Offshore (38.13%) and the Western Offshore (23.33%).[15][16][17]
Distribution of reserves by state/region[]
The following table shows the estimated crude petroleum and natural gas reserves in India by state/region as on 31 March 2017.[15]
Region | Crude oil reserves (in million metric tonnes) |
Share of oil (%) | Natural gas reserves (in BCM) |
Share of gas (%) |
---|---|---|---|---|
Arunachal Pradesh | 1.52 | 0.25 | 0.93 | 0.07 |
Andhra Pradesh | 8.15 | 1.35 | 48.31 | 3.75 |
Assam | 159.96 | 26.48 | 158.57 | 12.29 |
Coal Bed Methane | 0 | 0 | 106.58 | 8.26 |
Eastern Offshore[a] | 40.67 | 6.73 | 507.76 | 39.37 |
Gujarat | 118.61 | 19.63 | 62.28 | 4.83 |
Nagaland | 2.38 | 0.39 | 0.09 | 0.01 |
Rajasthan | 24.55 | 4.06 | 34.86 | 2.70 |
Tamil Nadu | 9.00 | 1.49 | 31.98 | 2.48 |
Tripura | 0.07 | 0.01 | 36.10 | 2.80 |
Western Offshore[b] | 239.20 | 39.60 | 302.35 | 23.44 |
Total | 604.10 | 100 | 1,289.81 | 100 |
Strategic petroleum reserves[]
Building petroleum reserves like underground tank storage, above-ground tank storage, and fully developed and ready-to-exploit in situ reserves is a lucrative proposition for an oil-importing country like India as the oil exporters charge exorbitant prices when the oil demand is little more than supply.[18] The Indian Strategic Petroleum Reserve (SPR) is an emergency fuel store of total 5 million tonne or 31.5 million barrels (5.0 million cubic metres) of strategic crude oil enough to provide 10 days of consumption which are maintained by the Indian Strategic Petroleum Reserves Limited.[19][20][21] Strategic crude oil storages are at 3 underground locations in Mangalore, Visakhapatnam and with ready access to the refineries on the east and west coasts.[22] Another method to build up strategic petroleum reserve at low cost is to develop a proven oil field for higher oil extraction rate and keeping it reserved for full production on an intermittent basis when the global oil price cross the set upper limit.[23][24]
Two more SPRs will add strategic petroleum reserves of 12 days in addition to 10 days of reserves achieved in Phase I. These SPRs under Phase II will be located at Chandikhol in Odisha and Padur in Karnataka. Indian refiners maintain 65 days of crude storage, and when added to the SPR storage planned and achieved takes the Indian crude storage tally to 87 days. This is very close to the storage of 90 days mandated by IEA for member countries.[25] The total storage figure is excluding the storage capacity of petroleum products with the marketing agencies and bulk consumers.[26] India is also considering to store crude oil in other countries.[27][28]
Oil and gas imports[]
India is heavily dependent on crude oil and LNG imports with 82.8% import dependence for crude oil and 45.3% for natural gas/LNG.[29] The net foreign exchange outgo is 63.305 billion US$ in the financial year 2017–18 on account of crude oil imports. India generated 35.2 million tons of petroleum products from indigenous crude oil production whereas the consumption of petroleum products is 204.9 million tons. Similarly India generated 31.7 bcm natural gas locally against the consumption of 58.1 bcm.[2] In 2019, India was the fifth largest importer of LNG.[30] LNG price is linked to the prevailing crude oil price in global markets.[31]
India is the second biggest importer of crude oil and its products after China.[4] In the year 2019, US is going to become net exporter of LNG, LPG, crude oil and its products from its shale oil production boom.[32][33][34] Shale oil production cost in US would be the higher ceiling price for the crude oil in international trade as its substantial production is consumed internally substituting the imports.[35][36][37]
Due to lack of adequate petroleum reserves, India has to depend mostly on crude oil imports in near future till its renewable energy resources such as solar, wind, hydro and bio-mass are exploited adequately to achieve energy security by replacing the petroleum products consumption which are also major contributors to the air pollution.[38] In such adverse situations, India has to proactively play a major role in global crude oil trade as swing oil producer by using its limited crude oil production base to bring down the high price of crude oil fixed by OPEC+ and the Big Oil.[39][40][18] International crude oil prices vary steeply for a small mismatch between global supply and global demand.[41] To become swing oil producer, India should enhance crude oil extraction rate twice of the normally designed rate for continuous extraction from its developed oil fields and extract crude oil on intermittent basis only when crude oil prices exceed a preset upper ceiling value instead of continuously extracting oil.[42]
Also, India and China being major oil importers, both countries should coordinate for mutual benefit while trading in global oil markets to moderate the crude oil price and nullify the oil pricing power of OPEC, etc.[43][44][45] Normally, crude oil pricing and gold pricing exhibit opposite trends in global trading (i.e. while one appreciates the other depreciates). India should also procure crude oil in futures market by hedging gold.
Crude oil trading[]
By transacting in crude futures trading in MCX or BSE, crude oil products consumers (petrol, diesel, jet fuel, etc.) in India can hedge their risk while purchasing the crude oil products in Indian currency.[46][47] The futures trading is cash settled on expiry date taking WTI crude or Brent crude settlement price as reference.[48][49]
The quality of crude oil which is imported by India from Persian Gulf is called Indian Basket crude.[50][51] It is weighted average of Dubai and Oman (sour) and the Brent Crude (sweet) crude oil prices. However the exporting countries charge premium or give rebate on the Indian Basket price by declaring official selling price (OSP) depending on market conditions every month.[52]
Natural gas trading[]
Indian Gas Exchange (IGX) is the online trading platform for natural gas with delivery hubs at Dhabol and Jaighar in Maharashtra, Dahez and Hazira in Gujarat and Kakinada in Andhra Pradesh.[53] The Petroleum and Natural Gas Regulatory Board (PNGRB) was created in the year 2005 to regulate downstream activities in the petroleum and natural gas sector.[54] Buyers can transport the purchased natural gas from these hubs on daily basis to their consumption points through the existing cross country gas pipelines (owned by GAIL and others) on chargeable basis.[55]
Production[]
India's domestic crude oil production has steadily decreased in recent years.[56] In 2013-14, Indian companies produced 37.8 million tonnes of crude oil and condensate.[57] That dropped to 32.2 million tonnes in 2019-20, a sharp slide of 15 per cent.[58] India produced 35.68 MTs of crude petroleum in 2017–18.[59][60] India accounted for 0.92% of world oil production in 2016–18. Production of crude petroleum in India had a CAGR of 0.63% between 2008–09 and 2017–18.[61] India also produces petroleum products and produced 254.40 MT in 2017–18, a growth of 4.46% over the previous year. Among petroleum products, high speed diesel oil accounted for 42.41%, followed by motor gasoline (14.85%). The production of natural gas was 31.73 billion cubic meters in 2017–18, growing by 60.86% over the previous year. India accounted for 0.77% of world natural gas production in 2016–17. In recent years, the country has been producing lesser quantities of homegrown crude oil and natural gas.[62][15]
ONGC is developing the KG-DWN-98/2 block in Krishna Godavari basin with capex of about US$5.07 billion (approximately INR 340 billion) leading to oil production from the field to the extent of 25 million tons and 45 billion m3 natural gas .[63] The capex works out to nearly US$11 per barrel of oil equivalent (BOE) only for the total production of oil and gas. ONGC already has proved oil and gas reserves to the extent of 462.12 MMTOE at very low capex comparable with that of OPEC countries.[64] Oil fields in Rajasthan state are emerging as a major oil and gas producer.[65][66] In 2021, Reliance BP also started production from KG basin gas fields substantially enhancing the indigenous gas production.[67]
India has deployed 159 rigs and drilled 545 production wells during 2017-18 which stands globally fifth but the oil and gas production is not commensurate with the wells drilled.[68][2]
India has planned to produce 15 million tons/year of compressed biogas (CBG), a carbon neutral fuel, by 2023.[69][70][71] CBG replaces the CNG which is imported in the form of LNG
Petroleum refining[]
As on 31 March 2018, there were 23 crude oil refineries in India, of which 18 were state-owned, 3 were privately owned and 2 were joint ventures. The total oil refining capacity in India stood at 248 MMT, rising from 234 MT in the previous year. Refineries in India processed 251.935 MMT of oil in 2017-18 achieving a capacity utilization of 106.6%. With a total refining capacity of 69.2 million tonnes per year, the state-owned Indian Oil Corporation was the largest refiner in the country by capacity. Indian Oil's refineries processed 69.001 MMT of crude oil in 2017–18.[15]
Many refineries are using the lower end residual oil with higher sulphur content to produce more lighter oils (petrol, diesel, etc.) by installing petroleum coker units.[72] This process generates a solid fuel called Pet coke which has higher calorific value and sulphur. As developed countries have banned use of high sulphur pet coke and residual oils, these fuels further are converted in to synthetic natural gas and methanol in Methanation plants to avoid their disposal problem.[73] Nearly 38% of residual fuel oils are consumed in the shipping sector. The International Convention for Prevention of Pollution from Ships (MARPOL), adopted by the IMO, has mandated that marine vessels shall not consume residual fuel oils (bunker fuel, etc.) with a sulphur content greater than 0.1% from the year 2020.[74] Thus complete use of residual oil or pet coke in gasification unit would be part of petroleum refining complexes/plants in future to avoid waste products disposal.[75][76]
Due to COVID-19 pandemic, refineries are forced to operate at lower capacities as the demand for petro products (mainly ATF and petrol) have fallen steeply. After the implementation of IMO rules restricting use of high sulfur fuel oil (HSFO) by the marine vessels, the prices of HSFO have fallen so low compared to crude oil and using it has become more economical by the advanced refineries with vacuum distillation and coker units to produce petrol, diesel, pet coke, etc.[77] Pet coke is in high demand for use in cement production.
Consumption[]
India is the third largest consumer of crude oil in the world, after the United States and China.[78][79] The country accounted 4.81% of total world oil consumption in 2016–17. The estimated total consumption of crude oil in India rose from 160.77 MMT in 2008–09 to 251.93 MMT in 2017–18 with a CAGR of 4.59%. High speed diesel oil accounted for 39.3% of total consumption of all types of petroleum products in 2017–18, followed by petrol (12.7%), petroleum coke (12.4%), liquefied petroleum gas (11.3%), and naphtha (6.1%). The country accounted for 1.41% of total world natural gas consumption in 2016–17. The largest consumers of natural gas are the fertilizer industry (27.78%), power generation (22.77%), and transportation (16.25%). Natural gas is consumed for both energy (60.68%) and non-energy (39.32%) related uses.[15]
Electricity generation[]
Crude oil and natural gas are the second and third largest sources of electricity generated in India, after coal. Crude oil accounted for 10.34% and natural gas accounted for 8.7% of the total electricity produced in 2017–18.[15] As of 31 March 2021, the installed capacity of gas-based power plants in India was 24,924 MW, accounting for 6.5% of the total installed capacity. Most of these gas-based power plants are not working due to shortage of natural gas.[80] Diesel is a minor source for electricity generation in India. The total installed capacity of diesel-based power plants in utility sector of India is 927.89 MW accounting for a mere 0.3% of total installed capacity.[81]
Excluding the utility sector DG sets, there are more than 90,000 MW DG sets (above 100 kVA capacity range) installed for back up power needs which is nearly 36% of the total installed capacity in utility sector of India.[82] In addition, there are innumerable DG sets of capacity less than 100 kVA to cater to emergency power needs during the power outages in all sectors such as industrial, commercial, domestic and agriculture.[83]
India's electricity sector consumed 24.28% of the natural gas produced in the country in 2016–17.[15] More over, at least one KL per million kWh (nearly one million tons/year) of fuel oil as secondary fuel is consumed by the coal fired power plants for start up and low load operations.
Foreign trade[]
India is the second biggest oil importer after China and is highly dependent on imported crude oil.[4] The net imports of crude oil rose from 132.78 MTs during 2008–09 to 220.43 MTs during 2017–18. Despite the dependence on imports, India has developed sufficient processing capacity over the years to produce different petroleum products. As result, India is now a net exporter of petroleum products. The export of petroleum products increased from 38.94 MT in 2008–09 to 66.83 MT during 2017–18. The import of petroleum products was 35.46 MT in 2017–18, decreasing by 2.28% from the previous fiscal. The gross import of natural gas increased from 8.06 BCM in 2008–09 to 19.87 BCM in 2017–18, recording a CAGR of 9.44%.[15]
India has an 82.8% import dependence for crude oil and 45.3% for natural gas/LNG.[84] The net foreign exchange outgo is 63.305 billion US$ in the financial year 2017–18 on account of crude oil imports.[85] India generated 35.2 million tons of petroleum products from indigenous crude oil production whereas the consumption of petroleum products is 204.9 million tons. Similarly India generated 31.7 bcm natural gas locally against the consumption of 58.1 bcm.[2]
Oil imports by source country[]
India was the third largest crude oil importer in the world in 2019. The country spent an estimated ₹6.59 lakh crore (US$92 billion) to import 203.8 million tonnes of crude oil in 2018–19.[86] The following countries were the 15 largest sources of crude oil imports into India in 2018.[87]
Rank | Country | Import value |
---|---|---|
1 | Iraq | $19.3 billion |
2 | Saudi Arabia | $18.4 billion |
3 | Nigeria | $9.34 billion |
4 | United Arab Emirates | $7.82 billion |
5 | United States | $5.36 billion |
6 | Venezuela | $4.96 billion |
7 | Kuwait | $4.51 billion |
8 | Mexico | $3.28 billion |
9 | Iran | $2.53 billion |
10 | Angola | $2.48 billion |
11 | Malaysia | $1.63 billion |
12 | Algeria | $1.34 billion |
13 | Kazakhstan | $1.34 billion |
14 | Russia | $1.11 billion |
15 | Egypt | $1.01 billion |
Taxation and pricing[]
In India, the pricing of fuel varies by state, though central taxes still are part of the pump price of fuel. The Central and state government's taxes make up nearly half of petrol's pump price. The Central govt has different taxes, which amount to about 24–26% of the final cost. The states taxes vary, but on average end up making about 20–25% of the final cost. In addition royalty and oil development cess is collected on oil and natural gas produced locally. As a result, approximately 50% of the pump cost goes to the government in the form of different taxes.
For example, in Bengaluru, Karnataka as of May 16, 2011, price of petrol is ₹71.09 (US$1.00) per litre. Out of this, ₹17.06 (24¢ US) go to Govt of India in the form of excise and customs tax. ₹16.63 (23¢ US) is collected by state government in the form of sales tax and entry tax. Thus, a total of ₹33.69 (47¢ US) is collected due to various taxes (which accounts for around 47% of the total price, international crude oil price is around $40 barrel).[88]
For Delhi petrol per liter price on April 2, 2018, the price charged to dealers was ₹31.08 (44¢ US), while central govt excise tax and cess was ₹19.48 (27¢ US), state govt VAT was ₹15.70 (22¢ US) and dealer commission was ₹3.60 (5.0¢ US). So the price of petrol for the end user was ₹73.83 (US$1.00).[89]
The natural gas purchase price from the natural gas producers, like ONGC, Oil India Ltd and private companies, is fixed by the government based on prices prevailing in USA, Russia, UK and Canada.[90] The market discovered price of natural gas is 50% more than the price paid to the producers from the difficult fields. Thus union government is making hefty income without paying any royalty to the states from the offshore gas fields.
The purchase price would be cut to around US$2.5 per million British thermal unit for the six-month period beginning April 1, 2020 compared to US$3.23 for the earlier period.[91] In March 2020, India announced that is increasing taxes on petrol and diesel to raise government revenues.[92]
In March 2020, global crude oil consumption fell substantially causing oil prices to decline steeply due to COVID-19 pandemic.[93] However, Indian government has not passed the benefit to the retail buyers /consumers.
City Gas Distribution[]
City Gas Distribution (CGD) Projects, under Ministry of Petroleum and Natural Gas, are network of gas pipelines planned across the country to increase the connectivity to PNG Gas and CNG Fillings Stations[94][95]
Petrol stations in India[]
India has 60,799 petrol stations as of November 2017. 26,849 of these belong to Indian Oil (IOCL),14,675 to Bharat Petroleum (BPCL) and 14,161 to Hindustan Petroleum.[96] IOCL has more petrol stations than both Canada and the UK. The Punjab state of India has approximately 3,300 petrol stations, and the state of Haryana alone has more than 2,500 petrol stations. Many additional auto LPG and CNG stations have been planned due to high crude prices.[2]
Reliance Industries Ltd, Essar Oil, Shell India and ONGC have also opened petrol stations in India. Shell currently has 88 petrol stations in India.[97]
As of October 2014 Essar has 2,225 petrol stations in India which are supplied with petrol and diesel from its 280,000 barrels per day (45,000 m3/d) refinery in Vadinar, Gujarat.[98]
Indraprastha Gas Limited has started exclusive CNG fuel stations in India, particularly in the capital city Delhi. In recent years, state oil marketing companies have started rural petrol stations which are established in the interior villages, meant to help farmers and constructed with minimal investment. These stations sell pesticides, seeds, lanterns, and other goods that are needed by farmers besides petrol and diesel.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/4a/Petrol_Station.jpg/220px-Petrol_Station.jpg)
The details of the petrol stations owned by various companies in different states of India as of 31 March 2016 are:[99]
Oil Company/State/UT | IOCL | HPCL | BPCL | Others RIL/Essar Oil/Shell/ONGC | Total |
---|---|---|---|---|---|
Andhra Pradesh | 1199 | 929 | 720 | 210 | 3050 |
Arunachal Pradesh | 48 | 0 | 7 | 16 | 71 |
Assam | 503 | 91 | 129 | 65 | 788 |
Bihar | 1351 | 475 | 610 | 75 | 2511 |
Chhattisgarh | 481 | 329 | 275 | 23 | 1108 |
Delhi | 189 | 97 | 107 | 0 | 393 |
Goa | 31 | 36 | 47 | 0 | 114 |
Gujarat | 1274 | 738 | 771 | 601 | 3384 |
Haryana | 1334 | 666 | 385 | 151 | 2536 |
Himachal Pradesh | 218 | 109 | 62 | 7 | 396 |
Jammu & Kashmir | 221 | 130 | 134 | 0 | 485 |
Jharkhand | 496 | 265 | 319 | 71 | 1151 |
Karnataka | 1803 | 888 | 966 | 179 | 3836 |
Kerala | 885 | 587 | 457 | 80 | 2009 |
Madhya Pradesh | 1295 | 814 | 917 | 243 | 3269 |
Maharashtra | 1846 | 1542 | 1678 | 353 | 5419 |
Manipur | 69 | 0 | 12 | 4 | 85 |
Meghalaya | 116 | 23 | 39 | 12 | 190 |
Mizoram | 30 | 3 | 2 | 1 | 36 |
Nagaland | 45 | 3 | 9 | 12 | 69 |
Odisha | 748 | 314 | 414 | 84 | 1560 |
Punjab | 1685 | 878 | 610 | 143 | 3316 |
Rajasthan | 1630 | 977 | 819 | 310 | 3736 |
Sikkim | 16 | 7 | 23 | 1 | 47 |
Tamil Nadu | 1991 | 1158 | 1317 | 236 | 4702 |
Telangana | 911 | 644 | 565 | 108 | 2228 |
Tripura | 62 | 0 | 2 | 3 | 67 |
Uttar Pradesh | 3394 | 1374 | 1313 | 535 | 6616 |
Uttarakhand | 242 | 166 | 114 | 29 | 551 |
West Bengal | 1119 | 488 | 563 | 74 | 2244 |
Andaman & Nicobar | 10 | 0 | 0 | 0 | 10 |
Chandigarh | 20 | 11 | 10 | 0 | 41 |
Dadra & Nagar Haveli | 11 | 11 | 4 | 5 | 31 |
Daman & Diu | 11 | 10 | 7 | 3 | 31 |
Lakshadweep | 0 | 0 | 0 | 0 | 0 |
Puducherry | 79 | 39 | 32 | 6 | 156 |
Grand Total | 25363 | 13802 | 13439 | 3586 | 56190 |
See also[]
- Climate change in India
- Energy policy of India
- Ministry of Petroleum and Natural Gas
- Krishna Godavari Basin
- NOPEC
- East West Gas Pipeline (India)
- Oil Industry Safety Directorate
- Petroleum And Explosives Safety Organisation
Notes[]
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- Petroleum industry in India
- Natural gas in India