India’s crude oil and natural gas production declined in the last ten years as consumption increased for each fuel by 60 per cent and 22 per cent, showed BP Statistical Review report.
The report, released recently, said growth in global energy markets slowed in 2019 in line with weak economic growth. Oil reserves in India dropped from 5,000 million barrels (mb) in 1999 to 4,700 mb in 2019. The country’s oil production dropped from 838,000 barrels a day in 2009 to 826,000 barrels a day in 2019. Annual oil production fell from 38 million tonne (MT) in 2009 to 37.5 MT in 2019. This is even after touching an all-time high of 42.5 MT in 2013.
In contrast, oil consumption simultaneously increased by 60 per cent from 3,298 thousand barrels per day in 2009 to 5,271 thousand barrels per day in 2019. Among the products, the majority of the growth came from methane and LPG, where the consumption increased 118 per cent from 470 thousand barrels per day in 2009 to 1023 thousand barrels per day in 2019.
Natural gas reserves increased from 0.6 trillion cubic metre (tcm) in 1999 to 1.3 tcm in 2019. The government pushed to increase the share of natural gas in the energy basket to 15 per cent, but production declined 25 per cent from 36.1 billion cubic metre (bcm) in 2009 to 26.9 bcm in 2019. Production had touched an all-time high of 474 bcm in 2010.
On the other hand, consumption during the last 10 years increased 22 per cent from 49.1 bcm in 2009 to 59.7 bcm in 2019. India’s liquefied natural gas imports, too, increased 153 per cent from 13 bcm in 2009 to 32.9 bcm in 2019.
“Starting from this year, with new production coming from KG-basin, turnaround is expected to come on gas and production is expected to increase as infrastructure is also coming in place. On the other hand, on the crude side, we should focus on taking equity in overseas producing blocks,” said Debasish Mishra, partner at Deloitte Touche Tohmatsu.
Based on a forecast by the International Energy Agency, India is set to see an estimated 28 billion cubic meter (bcm) per year increase in total consumption during 2019-25, owing to a combination of supportive government policies and improved liquefied natural gas (LNG) and pipeline infrastructure. According to IEA, India’s LNG imports may increase by 16 bcm annually and reach 48 bcm by the end of 2025.
The BP report said India is the second biggest growth driver of primary energy consumption in the world, behind China, in 2019. This was despite a drop in demand in oil and coal. World coal consumption fell by 0.6 per cent, its fourth decline in six years, displaced by natural gas and renewables, particularly in the power sector. As a result, coal’s share in the energy mix fell to 27 per cent, its lowest level in 16 years. Growth in India, usually a key driver of coal consumption, was only 0.3 per cent: its lowest since 2001.
Source: Business Standard
"consumption" - Google News
June 22, 2020 at 01:00AM
https://ift.tt/312iirv
India’s crude, gas consumption up but output fell in last 10 years: Report - Hellenic Shipping News Worldwide
"consumption" - Google News
https://ift.tt/2WkKCBC
https://ift.tt/2YCP29R
Bagikan Berita Ini
0 Response to "India’s crude, gas consumption up but output fell in last 10 years: Report - Hellenic Shipping News Worldwide"
Post a Comment