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Oil and Gas Industry in India

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Oil and Gas Industry in India
OIL AND GAS

Researched & Presented By:
Glenson Sequeira (41)

OIL AND GAS
Oil and Gas Industry in India is a 110 billion USD industry (as in March '2007). The India oil & gas demand ranks it sixth in the world. The oil and gas industry has been instrumental in fuelling the rapid growth of the Indian economy. The petroleum and natural gas sector which includes transportation, refining and marketing of petroleum products and gas constitutes over 15 per cent of the GDP.

OIL AND GAS INDUSTRY OVERVIEW
The oil and gas history in India dates back to 1867, with the discovery of oil deposits in Makum, near Margherita, Assam. The oil and gas sector in India has since witnessed the birth of numerous oil and gas companies. In India, the oil and gas industry jobs attract huge labour force. With the inset of bigger players into the oil & gas sector in India engaging in mass oil & gas production, the oil & gas prices have been revised although still in the unaffordable segment. A rapid increase is also seen in the demand of oil & gas exploration and drilling equipment and services. The oil & gas fields both onshore and offshore provides mass employment opportunities and also contribute in a wholesome way in increasing the oil & gas reserves of India. Despite of new finds in oil & gas wells, increase in the drilling operations, advancement in oil extraction methods, pumps and machine and other equipments and technology, the costs have not come down. The oil & gas prices are still a matter of utmost concern for the Government of India.

OIL AND GAS REFINING IN INDIA
India oil refining capacity is the sixth largest in the world. India is soon emerging as a leading exporter of refined petroleum products in the world. India has around 6000 kms of product pipelines along with over 34,600 government of India (GOI) owned retail outlets. Oil refining is an industrial process of processing crude oil into petroleum products that have wider usage. The petroleum products
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