India Oil & Gas Industry Market Revenue, Opportunity, Segment and Key Trends Analysis to 2023
- 1 week ago
- by kavitakrishna98
Bharat Book Bureau Provides the Trending Market Research Report on “Oil & Gas Industry in India 2023”under Energy Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
India Oil & Gas Industry Market Forecast to 2023
India, which imports 85% of the crude oil it processes and roughly 55% of its natural gas needs, is the third-largest crude oil importer in the world after the USA and China. Since April 7, 2021, India\’s state-run oil marketing companies (OMCs) have frozen the pump prices of gasoline and diesel to protect the public from an increase in the cost of transportation fuels. In FY 2022, India’s Natural Gas production stood at 33,131.23 Million Metric Standard Cubic Meter (MMSCM). The production of natural gas declined in FY 2021 compared to FY 2020. However, the production is gradually growing in FY 2022. At present, the production of crude oil is led by Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation Limited (Indian Oil); the market lacks in terms of participation of private players, especially from overseas.
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