The International Energy Agency has predicted that India’s oil and gas demand will more than double by 2040, and will be close to that of United States, Petroleum and Natural Gas Minister Dharmendra Pradhan said.
“The $140 billion oil and gas industry in India is expected to grow at the rate of 5 per cent per year, however, a major part of the 3.14 million sq km area of India is still unexplored,” Pradhan said at the Make in India week. The minister said in the upstream sector, state-of-art technology for exploring and producing oil and gas from difficult arears — deep water, ultra-deep water and high pressure, high temperature areas will be required in India. “In the refining side — focus on high capacity, efficient processes, product improvement, lowering processing costs shall be required,” he added.
Published 15 February 2016, 17:37 IST