According to the Ministry of Petroleum and Natural Gas, India’s crude oil production during April-November 2016 was 23990.26 TMT which is 3.53 percent lower than the production during corresponding period of 2015. Similarly, natural gas production during April-November 2016 fell by 3.7 percent from the production during corresponding period of 2015 to 21148.54 MMSCM.
The total area of sedimentary basins in India is 3.14 million square kilometres and for almost half of such area, no geo scientific data for hydrocarbons is available. Further, large areas of the sedimentary basins are not well explored despite the best efforts of the stakeholders.
The demand for natural gas in India is likely to increase from 446 MMSCMD in 2016 to 606 MMSCMD by 2022. The data clearly indicates that there will be a heavy reliance on imported LNG. Power, fertilizer and CGD sectors are the highest consumers of natural gas and the projects in these sectors will not be feasible if there is considerable dependency on imported LNG.
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