Indian gross domestic product grew more than 3.3 times from 2002 to 2012, second only to China’s.India’s demand for energy has risen by more than 70 percent.oil and gas as an energy source now represents more than 45 percent of the country’s total energy consumption.So, country agreed to allow 100 percent foreign direct investment (FDI) in the upstream sector.
India’s total hydrocarbon reserves are estimated to be around 2 BMTOE .With the current oil production level of around 815,000 barrels per day, on estimated reserves of 1.2 BMT (Billion Metric Tonne), the reserves-to-production ratio is 25 years.
current production level of natural gas is around 40 BCM (billion cubic meters) per year on an estimated reserves base of around 1,500 BCM, translating to a reserves-to-production ratio of more than 30 years.
India’s total hydrocarbon reserves are estimated to be around 2 BMTOE .With the current oil production level of around 815,000 barrels per day, on estimated reserves of 1.2 BMT (Billion Metric Tonne), the reserves-to-production ratio is 25 years.
current production level of natural gas is around 40 BCM (billion cubic meters) per year on an estimated reserves base of around 1,500 BCM, translating to a reserves-to-production ratio of more than 30 years.
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