Oil production declines even as consumption grows
- Oil consumption in the country has grown at a CAGR of 3.69 per cent from 2000 to 2022.
- However, oil production has witnessed a decline on account of ageing and mature wells.
Gas segment on an upward trajectory
- Gas consumption and production have grown at a CAGR of 3.84 per cent and 0.73 per cent respectively from 2000 to 2022. Gas production peaked at 47.4 bcm in 2010.
- India has been increasingly relying on LNG imports to meet the huge demand-supply gap. LNG imports currently stand at 49 per cent of the total consumption against 9 per cent in 2004.
