Indian state-owned oil and gas corporations ONGC and Oil India plan to invest respectively INR1,601bn (US$22.3bn) and INR176bn (US$2.5bn) over the next five years in domestic exploration and production related activities. The country forecasts an increase in crude oil production from 35 Mt in 2019-20 to 39 Mt in 2023-24 (+11%), and in natural gas output from 35 bcm in 2019-2020 to 56 bcm in 2023-24 (+60%).
According to the Ministry of Petroleum and Natural Gas, India needs to spend more than US$100bn to develop its energy infrastructure, including in exploration and production of oil and gas, oil refining, pipelines, city gas distribution networks, and LNG terminals.
In August 2019, ONGC presented a business roadmap entitled “ONGC Energy Strategy 2040”, which aims to double its oil and gas output, to triple its refining capacity and to diversify into renewables by 2040. In the 2018-19 fiscal year, ONGC produced 34 Mt of crude oil and over 30 bcm of natural gas, of which 29% and 16%, respectively, were produced overseas.