Market study on Petroleum Industry in India
A brief History
The first oil deposits in India were found in Digboi, Assam in 1889. That is when India’s journey in the Petroleum Industry began. Post Independence, Oil India Limited was formed which was a joint venture involving the Indian Government and the British owned Burmah Oil Company (presently known as BP) whilst the Indo-Stanvac Petroleum Project in West Bengal was between the Indian Company and the American Company SOCONY-Vacuum (presently known as Exxon Mobil). This changed in 1956 when the government adopted an industrial policy that placed oil as a “Schedule A Industry” and put its future development in the hands of the state. In October 1959 an Act of Parliament was passed which gave the state owned Oil and Natural Gas Commission (ONGC) the powers to plan, organize, and implement programs for the development of oil resources and the sale of petroleum products and also to perform plans sent down from central government.
Usages of Petroleum
Petroleum is mostly used as Fuel. Several other hydrocarbon chemicals can be distilled out of petrol which again can be used for a variety of purposes. Some of petrol’s end products are-
Alkenes (olefins) which can be manufactured into plastics or other compounds
Lubricants (produces light machine oils, motor oils, and greases, adding viscosity stabilizers as required).
Wax, used in the packaging of frozen foods, among others.
Sulfur or Sulfuric acid. These are useful industrial materials. Sulfuric acid is usually prepared as the acid precursor Oleum, a byproduct of sulfur removal from fuels.
Bulk tar.
Asphalt
Petroleum coke, used in specialty carbon products or as solid fuel.
Paraffin wax
Aromatic petrochemicals to be used as precursors in other chemical production.
Evolution of Petroleum Industry in India
In pursuance of the Industrial Policy Resolution, 1954, petroleum exploration & production activity was controlled by the government-owned National Oil Companies (NOCs), namely Oil & Natural Gas
The first oil deposits in India were found in Digboi, Assam in 1889. That is when India’s journey in the Petroleum Industry began. Post Independence, Oil India Limited was formed which was a joint venture involving the Indian Government and the British owned Burmah Oil Company (presently known as BP) whilst the Indo-Stanvac Petroleum Project in West Bengal was between the Indian Company and the American Company SOCONY-Vacuum (presently known as Exxon Mobil). This changed in 1956 when the government adopted an industrial policy that placed oil as a “Schedule A Industry” and put its future development in the hands of the state. In October 1959 an Act of Parliament was passed which gave the state owned Oil and Natural Gas Commission (ONGC) the powers to plan, organize, and implement programs for the development of oil resources and the sale of petroleum products and also to perform plans sent down from central government.
Usages of Petroleum
Petroleum is mostly used as Fuel. Several other hydrocarbon chemicals can be distilled out of petrol which again can be used for a variety of purposes. Some of petrol’s end products are-
Alkenes (olefins) which can be manufactured into plastics or other compounds
Lubricants (produces light machine oils, motor oils, and greases, adding viscosity stabilizers as required).
Wax, used in the packaging of frozen foods, among others.
Sulfur or Sulfuric acid. These are useful industrial materials. Sulfuric acid is usually prepared as the acid precursor Oleum, a byproduct of sulfur removal from fuels.
Bulk tar.
Asphalt
Petroleum coke, used in specialty carbon products or as solid fuel.
Paraffin wax
Aromatic petrochemicals to be used as precursors in other chemical production.
Evolution of Petroleum Industry in India
In pursuance of the Industrial Policy Resolution, 1954, petroleum exploration & production activity was controlled by the government-owned National Oil Companies (NOCs), namely Oil & Natural Gas