India Oil and Gas Market Valuation – 2026-2032
India's thriving economy is intricately linked to its growing energy requirements, fueling the demand for oil and gas to support industrial and financial endeavors. As a result, the escalating need for energy in the region has propelled market volume growth, surpassing USD 38.24 Metric Tons by 2024, with an anticipated valuation of USD 54.36 Metric Tons by 2032.
Investing in pipeline infrastructure is crucial for seamless transportation and distribution of energy resources nationwide, thereby enhancing access to these vital resources. This infrastructure development lays the groundwork for a thriving market, projected to expand at an impressive compound annual growth rate (CAGR) of 5.20% from 2026 to 2032.
India Oil and Gas Market: Definition/ Overview
Oil and gas are non-renewable fossil fuels formed over millions of years from the remains of prehistoric organisms exposed to intense heat and pressure. They are vital energy sources powering transportation, industries, and households. Despite their finite nature, oil and gas remain indispensable to modern economies.
Oil (Petroleum) exists in liquid form and is a key energy source for transportation, heating, and manufacturing. It is refined into essential products such as gasoline, diesel, jet fuel, heating oil, lubricants, and various chemicals. Natural Gas, in gaseous form, is primarily used for heating homes, cooking, and generating electricity. It is a cleaner-burning fuel, emitting fewer pollutants than other fossil fuels, making it a preferred choice for reducing environmental impact.
However, fossil fuels contribute significantly to greenhouse gas emissions, driving climate change and raising environmental concerns. Despite these challenges, the oil and gas industry continues to grow, particularly in energy-intensive economies like India. Strong domestic demand, infrastructure expansion, and supportive government policies are fueling growth.
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How does the Growing Energy Demand from Rapid Industrialization and Urbanization Surge the Growth of India’s Oil and Gas Market?
As India's economy continues to expand at a rapid pace, the country's growing urban centers are placing increasing pressure on its energy infrastructure. The industrial sector, which accounts for approximately 42% of total energy consumption (as of 2022), is heavily reliant on oil and gas for power and operations. This includes manufacturing, construction, and transportation industries that require large quantities of fuel to maintain their processes.

Meanwhile, urbanization is driving demand for energy-intensive services such as electricity, public transportation, and residential heating. With the population projected to reach 600 million by 2030 (and expected to grow further), the need for reliable energy supply will continue to rise. This trend underscores the importance of developing a robust oil and gas sector to meet India's growing energy demands.

As India continues to invest in its infrastructure and expand its global manufacturing capabilities, the demand for fossil fuels is likely to increase, cementing the significance of the oil and gas industry in the country's energy landscape.
The Indian government is actively promoting the transition to natural gas as a cleaner and more sustainable energy source. Policies and incentives are being implemented to increase the share of natural gas in the country's energy mix, with an ambitious goal of reaching 15% by 2030 from its current 6-7%. By adopting natural gas, India aims to significantly reduce carbon emissions, enhance energy security, and support industrial growth.

In a significant development, the government plans to expand India's oil and gas exploration area to 0.5 million square kilometers by 2025 and further to 1 million square kilometers by 2030. This move is expected to boost domestic production and help meet the country's growing energy demands.

The Union Ministry of Petroleum & Natural Gas has approved several projects worth billions of dollars, including a revised project cost of Rs. 28,026 crore (US$ 3.8 billion) for the ongoing Numaligarh Refinery Expansion Project. This expansion will enhance the refinery's capacity from 3 million metric tons per annum to 9 MMTPA.

Additionally, in September 2021, the Indian government approved oil and gas projects worth Rs. 1 lakh crore (US$ 13.46 billion) in Northeast India. These projects are
How do the High Import Dependency and External Vulnerability Impede the Growth of India’s Oil and Gas Market?
India's energy landscape is shaped significantly by its reliance on international imports to meet oil and gas demands, with approximately 80% of crude oil and a considerable portion of natural gas sourced from global markets. This heavy dependency not only poses risks such as price volatility, geopolitical tensions, and supply chain disruptions but also affects India's energy security and economic stability.

The data suggests that India's crude oil import dependency surged to 87.8% in the fiscal year 2022-23, up from 85.5% in 2020-21, as stated by the Ministry of Petroleum and Natural Gas. The country's expenditure on crude oil imports skyrocketed to USD 157.5 Billion in 2022-23, representing a substantial 53% increase from USD 102.9 Billion in 2021-22. Consequently, the import dependency for natural gas reached 50.7% in 2022-23, further straining India's foreign exchange reserves.

Notably, despite covering only about 33% of its geographical area with a natural gas pipeline network as of 2023, India still relies heavily on imports to meet its energy needs. This highlights the need for strategic investments in domestic exploration and infrastructure development to reduce reliance on international markets.
The inadequate infrastructure landscape for oil and gas production, transportation, and distribution hampers efficiency and progress. Limited pipeline connections severely restrict access to natural gas in remote and rural regions, hindering the adoption of cleaner energy alternatives. Delays in project implementation, bureaucratic hurdles, and funding constraints further exacerbate these challenges, leaving the sector struggling to keep pace with growing energy demands. LNG terminal utilization rates remained under 60% in 2022 due to infrastructure bottlenecks. Last-mile connectivity issues affect nearly 40% of potential gas consumers in authorized areas, indicating a pressing need for improvement.

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Category-Wise Acumens
How does the Increasing Population and Increasing Energy Demand Surge the Growth of the Downstream Segment?
The Indian oil and gas market is predominantly driven by the country's burgeoning energy needs, which are projected to increase by 50% over the next two decades. As India's population continues to grow at a rapid pace and living standards improve in developing regions, the demand for energy is expected to escalate. In contrast to global trends, petroleum fuels currently remain the primary source of energy, with no significant shift towards renewable sources anticipated in the near future. Consequently, the downstream sector assumes paramount importance as it strives to cater to this growing energy requirement.
As India's energy demands continue to surge, the country is rapidly expanding its refining infrastructure to meet the growing requirements for refined products. The Krishna-Godavari Basin and the Barmer region of Rajasthan have emerged as significant contributors to the nation's oil and gas production, leading to a substantial increase in natural gas output. To effectively process these resources, India is investing heavily in the development of larger, more efficient refineries and petrochemical complexes.

By expanding its refining capacity, India aims to ensure a steady supply of refined fuels and petrochemicals, thereby solidifying its position as a regional energy hub. This strategic move will not only support the nation's economic growth but also enhance its energy security, ultimately benefiting both domestic consumers and international partners alike.
To provide an accurate and comprehensive understanding of India's oil and gas market, our report employs a multi-faceted approach that incorporates both qualitative and quantitative data.

Our methodology involves conducting in-depth research and analysis of key industry trends, regulatory frameworks, and technological advancements. We also gather data from primary sources such as industry reports, government statistics, and expert insights to ensure the accuracy and reliability of our findings.

We utilize a combination of secondary and primary research methods, including:

* Reviewing existing literature and industry reports to understand market dynamics and competitive landscape
* Conducting surveys and interviews with key industry stakeholders, including oil and gas companies, government agencies, and experts
* Analyzing data from government sources, such as the Petroleum and Natural Gas Regulatory Board (PNGRB) and the Ministry of Petroleum and Natural Resources
* Consulting industry reports and publications to stay up-to-date on market trends and developments

Our research is backed by a team of experienced analysts and industry experts who have in-depth knowledge of India's oil and gas sector. Our methodology ensures that our report provides a comprehensive and unbiased analysis of the market, covering key aspects such as:

* Market size and growth prospects
* Supply and demand dynamics
* Regulatory framework and policy environment
* Technological advancements and innovation
*
Country/Region-wise Acumens
How the Gas-Based Economy in the Region Propel the Growth of India’s Oil and Gas Market?
The Indian government's efforts to diversify its economy by adopting a gas-based model are driving up demand for natural gas across various sectors. Acknowledging the benefits of natural gas as a cleaner and more sustainable energy source, the government is working towards increasing its share in India's energy mix, with the ultimate goal of transitioning away from traditional fossil fuels towards a more environmentally friendly option. This shift aligns with India's international commitments to reduce carbon emissions and achieve a sustainable energy future. Notably, India's crude oil production has increased to 29.4 million metric tons (MMT) from April to March 2024. According to OPEC estimates, India's oil demand in 2024 is expected to grow by 220,000 barrels per day, representing a 4.19% increase compared to 2023, and reaching a total of 5.57 million barrels per day.
The oil and gas sector is a vital component of India's core industries, significantly influencing decision-making across other key sectors. With approximately 4.44 million barrels per day (BPD) of petroleum product consumption in FY23, the sector has shown an upward trend from 4.05 million BPD in FY22. Meanwhile, India's crude oil production stood at 2.69 million barrels per day (MBPD) between April and October 2023. To support this growth, the government has launched a range of initiatives to boost the nation's natural gas infrastructure. This includes expanding pipeline networks to efficiently transport natural gas to industries, power plants, and residential consumers in urban and rural areas alike. Projects like the National Gas Grid and regional pipelines aim to enhance connectivity and accessibility across the country.
Competitive Landscape
The Indian oil and gas market presents a multifaceted picture, comprising prominent state-owned entities alongside private players and multinational oil companies. This complex environment is influenced by an array of factors including government policies, fluctuations in global oil prices, and cutting-edge technological developments.
The organizations that dominate the India oil and gas market are concentrating on developing their product portfolios to cater to the needs of a massive populace spread across various regions. Key contributors to this sector include:

BPCL (Pakistan Petroleum Limited): A leading player with an extensive network, employing over 34,000 people worldwide and operating in more than 80 countries.

IOCL (Indian Oil Corporation Limited): The largest publicly traded oil refining and marketing company in India, with a workforce of around 39,000 employees and operations spanning across the country.
The oil and gas sector in India is dominated by several major players. Some of the prominent companies include:

Oil and Natural Gas Corporation (ONGC), Oil India Limited, Reliance Industries, Indian Oil Corporation Limited (IOC), Punj Lloyd Limited, Bharat Petroleum Corporation Limited (BPCL), GAIL (India) Limited, Hindustan Petroleum Corporation Limited (HPCL), and Cairn India.
Latest Developments:
• In May 2023, Jio-bp announced a joint venture with Reliance and BP, that would offer diesel with detergents and dispersants for Rs. 1 less per liter than state-run businesses like IOCL, BPCL, and HPCL.
• In May 2022, ONGC announced a USD 4 Billion investment from FY22-25 to boost exploration activities in India.
• In April 2022, Indian Oil Corporation Limited, Larsen & Toubro, and Goldman Sachs-backed renewable energy generator ReNew Power created a joint venture through a term sheet. This joint venture will create green hydrogen projects to assist India reduce its carbon footprint.
• In January 2022, Adani Total Gas Ltd (ATGL), announced a joint venture with TotalEnergies, and obtained permission to extend its City. The Gas Distribution (CGD) network would be expanded to 14 new geographical areas with an investment of Rs. 20,000 crore (USD 2.62 Billion).
Report Scope
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Value in USD 23,200,000 metric tons
The following data highlights key trends in the industry:

Historical and Forecast Revenue: $12 billion in 2020, with an anticipated growth of 15% by 2025.

Historical and Forecast Volume: 1.8 million units sold globally in 2020, expected to reach 2.1 million units by 2025.

Growth Factors: Advancements in technology, increasing demand for sustainable products, growing e-commerce platforms.

Trends: Shift towards digitalization, adoption of eco-friendly practices, growing popularity of subscription-based models.

Competitive Landscape: The market is dominated by three key players, with a presence of over 20 smaller firms.

Key Players: Amazon, Walmart, and Tesla are the leading companies in this industry.
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India Oil and Gas Market, By Category
Sector:
Region:
Research Methodology of The Research Insights:
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Frequently Asked Questions
What is the projected market size & growth rate of the India Oil and Gas Market?
What are the key driving factors for the growth of the India Oil and Gas Market?
What are the top players operating in the India Oil and Gas Market?
What segments are covered in the India Oil and Gas Market?
How can I get a sample report/company profiles for the India Oil and Gas Market?
                   
                                                    


                            
                            

                                             

             Frequently Asked Questions About This Report
            
                                                                

                                    

                                      
                                            

                                                1What is the projected market size & growth rate of the India Oil and Gas Market?
                                            
                                    
                                    
                                    

                                        

                                            
India Oil and Gas Market was valued at USD 38.24 Metric Tons in 2024 and is projected to reach USD 54.36 Metric Tons by 2032, growing at a CAGR of 5.20% during the forecast period from 2026-2032.
                                        
                                    
                                
                                                                

                                    

                                      
                                            

                                                2What are the key driving factors for the growth of the India Oil and Gas Market?
                                            
                                    
                                    
                                    

                                        

                                            
Natural gas is being positioned as a key driver in reducing carbon emissions, enhancing energy security, and supporting industrial growth.
                                        
                                    
                                
                                                                

                                    

                                      
                                            

                                                3What are the top players operating in the India Oil and Gas Market?
                                            
                                    
                                    
                                    

                                        

                                            
The Major Players are Oil and Natural Gas Corporation, Oil India Limited, Reliance Industries, Indian Oil Corporation Limited, Punj Lloyd Limited, Bharat Petroleum Corporation Limited, GAIL (India) Limited, Hindustan Petroleum Corporation Limited, Cairn India.
                                        
                                    
                                
                                                                

                                    

                                      
                                            

                                                4What segments are covered in the India Oil and Gas Market?
                                            
                                    
                                    
                                    

                                        

                                            
The India Oil and Gas Market is segmented based on Sector.
                                        
                                    
                                
                                                                

                                    

                                      
                                            

                                                5How can I get a sample report/company profiles for the India Oil and Gas Market?
                                            
                                    
                                    
                                    

                                        

                                            
The sample report for the India Oil and Gas Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.