Oil accounts for about 30% of India's total energy consumption. According to the 2008 BP Statistical Energy Survey, India had proved oil reserves of 5.459 billion barrels at the end of 2007, the majority of which are allocated in the Mumbai High, Upper Assam, Cambay, Krishna-Godavari, and Cauvery basins.
According to the 2008 BP Statistical Energy Survey, India produced an average of 800.7 thousand barrels of crude oil per day in 2007 and consumed an average of 2748.17 thousand barrels a day, 3.25% of the world total . Because of its growing economy, India is an increasingly significant consumer of oil and natural gas.
Although a net importer of oil, India is attempting to limit its dependence on oil imports by expanding domestic exploration and production. The Indian government is pursuing the New Exploration Licensing Policy (NELP), first announced in 1997, which permits foreign involvement in exploration, an activity that was once restricted to Indian state-owned firms and between 2000 and 2005, awarded 110 oil and natural gas concessions in five separate licensing rounds. The sixth bidding round (known as NELP-VI) recently concluded, with 52 exploration blocks awarded.
The bulk of India’s natural gas production comes from the western offshore regions, especially the Mumbai High complex. According to the 2008 BP Statistical Energy Survey, India had 2007 proved natural gas reserves of 1.05 trillion cubic metres, 0.59% of the world total. The onshore fields in Assam, Andhra Pradesh, and Gujarat states are also major producers of natural gas. According to the 2008 BP Statistical Energy Survey, India had 2007 natural gas production of 30.17 billion cubic metres while consuming 40.17 billion cubic metres of natural gas.
There have been several large natural gas finds in India over the last five years, predominantly in the offshore Bay of Bengal. It is still expected, however, that the demand for natural gas in India will outstrip any new supply in the years ahead. Indian natural gas consumption has risen faster than any other fuel over the last five years, leading India to consider the large-scale importation of natural gas via pipelines.
According to the 2008 BP Statistical Energy Survey, India had a 2007 refinery capacity of 2983.31 thousand barrels a day, 3.39% of the world total.
