The Ministry of Oil of India will invite foreign companies to invest in its oil and gas sector, as India plans to invest US$100bn in its oil and gas infrastructure (refineries, oil and gas pipelines and LNG terminals) by 2024. Foreign companies, such as BP, ExxonMobil, Shell, Rosneft, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), will also be invited to take part in the privatisation of state-owned oil companies.
In the last five years, India has introduced reforms to boost its oil and gas industry, including a new licensing policy for oil and gas exploration, a downstream pricing reform and marketing reforms. India aims to raise the share of gas in its energy mix, from the current 6% to 15% by 2030. Gas consumption is expected to triple from the current 167 mcm/d (2018) to 500 mcm/d by 2030 and oil demand is also expected to rise at a very fast pace, from 4.5 mbl/d in 2018 to 5 mbl/d in 2020 and 10 mb/d in 2030. Currently the third largest energy consumer worldwide, the country plans to become the largest growth market for energy by mid-2020s.