India is poised for a significant transformation in its energy sector, aiming to meet its growing energy demands while embracing a diversified approach that includes both fossil fuels and renewable energy sources. The future of oil and gas industry in India is set to witness a surge in refining capacity, exploration activities, and a shift towards natural gas.

India's energy demand is projected to double by 2050, driven by its burgeoning population and economic growth. To cater to this increasing demand, the country is expanding its refining capabilities, with a target to increase refining capacity to 450 million metric tons by 2030.

In addition to refining, India is also intensifying its exploration efforts to discover new oil and gas reserves. The government has implemented various policies to encourage exploration activities, including attractive fiscal incentives and streamlined regulatory processes.

Natural gas is emerging as a key player in India's energy mix, with the government aiming to increase its share from 6% to 15% by 2030. To facilitate this transition, India is expanding its gas pipeline network and regasification capacity.

The use of compressed natural gas (CNG) is also gaining traction in India, with the number of CNG stations growing from 900 to 5,000 in recent years. This shift towards CNG is driven by environmental concerns and government initiatives to promote cleaner fuels.

India is also exploring alternative energy sources such as electric vehicles, hydrogen, and biofuels. The government has introduced various policies to promote the adoption of electric vehicles, including subsidies and charging infrastructure development.

While embracing renewable energy sources, India remains committed to its climate change mitigation goals. The country aims to achieve net-zero emissions by 2070 and has pledged to reduce greenhouse gas emissions by 1 billion metric tons by 2030.

India's energy transition is being guided by a climate-sensitive and market-based approach. The government is balancing the need for energy security with environmental sustainability, ensuring that the country's energy needs are met in a responsible manner.

As India progresses on its energy transition journey, it is attracting global investors who recognize the country's potential as a growth market for both traditional and renewable energy sources. India's diverse energy mix and commitment to sustainability make it an attractive destination for energy investments.

Source: https://trakinntech.com/the-gas-and-oil-industry-of-india-and-its-future/