Experts have pointed out that India will opt for a diversified energy tactic to meet all the demands in terms of growth in the future. For the future of oil and gas industry in India, the nation will witness an increase in refining ability.
This is a massive push towards exploration and also a shift to zero-carbon fuels and a gas-based economy. Even the nation’s Prime Minister pointed out that India will get the chance to embrace all kinds of energy. This includes low-carbon fuels and fossil fuels.
This will be highly beneficial for the future of oil and gas industry in India as it will cater to all the increasing demands and encourage global investors to get a hold of these opportunities.
The shift towards gas
Experts have said that the demand for gas in India will increase by over 500% in the coming future. It’s primarily because the nation has set up a target to increase of gas from 6% to 15% by 2030.
The regasification capacity of India will also expand greatly as proposed pipelines and new terminals are being planned. There are 6 operational terminals in the country, which are Mundra, Ennore, Ratnagiri, Hazira and Dahej.
Besides that, the gas pipeline network in the country increased from 14,000 km to 22,000km back in 2014. It’s predicted that in the next 4 to 5 years, it will reach 35,000 km. Also, the growth of all the compressed natural gas stations has grown from 900 to 5000.
Electric vehicles, hydrogen, and biofuels will also play a vital part in the coming years once India embraces the process of energy transition. In a conference, it was said that 2022 became a tumultuous period for global energy prices.
This can lead to the creation of global development and also spark fears regarding recession and inflation. It was also said that the World Bank, which estimated growth of the global economy in 2023 would decelerate to 1.7%.
The climate-sensitive program
By 2070, India aims to become net-zero in the area of production and will cut down all emissions by 1 billion mt., during the end of 2030. In the background, the country has created an energy program that is climate-sensitive and market-based.
As the country constantly highlights the significance of gas and oil, the pledge towards the climate change extenuation objective will stay persistent.
India will also keep their focus on energy efficiencies and lay down the impetus on the fuels for the coming future, which includes hydrogen and biofuels.
It will also increase the usage of renewable energy and will take transformative steps to increase the domestic production and exploration of traditional hydrocarbons.
Parting Thoughts India is working hard to improve all areas of the oil and gas industry. At present many new projects are taking place, which surely help the nation greatly. Furthermore, the government is also planning to shift towards the usage of gas. To gain more information on this matter, you can check out this post. It will provide you with the data you need.