Market Size of India Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 1.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Oil & Gas Upstream Market Analysis
The oil and gas upstream market in India is expected to record a CAGR of more than 1% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, factors such as increasing oil consumption and government efforts to reduce dependence on energy imports are expected to drive the market during the forecast period.
- On the other hand, a lack of new discoveries, coupled with insufficient exploration activities, is expected to restrain the market's growth during the forecast period.
- Nevertheless, the thorough exploration and development of hydrocarbon reserves across the large acreage spread across 16 prospective onshore basins in India remains a significant growth opportunity for the market during the forecast period.
India Oil & Gas Upstream Industry Segmentation
Upstream refers to the exploration and production stages of the oil and gas industry. From the preliminary exploration stage through extraction, the upstream sector of the oil and gas industry focuses on all steps involved.
India oil and gas upstream market is segmented by location of deployment. By location of deployment, the market is segmented into onshore and offshore. For each segment, the market sizing and forecasts have been done based on production and consumption (thousand barrels per day).
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India Oil and Gas Upstream Market Size Summary
The upstream oil and gas market in India is poised for growth, driven by increasing oil consumption and government initiatives aimed at reducing energy import dependence. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite challenges such as a lack of new discoveries and insufficient exploration activities, the extensive exploration and development of hydrocarbon reserves across India's 16 prospective onshore basins present significant growth opportunities. Offshore production plays a crucial role, with a substantial portion of India's oil and gas output coming from these areas. The government's focus on projects like the Urja Ganga gas initiative is expected to boost natural gas demand, although oil products are anticipated to continue dominating the market.
The market landscape is characterized by a consolidated structure with major players such as Oil and Natural Gas Corporation, Reliance Industries Limited, and Oil India Limited. Policy changes have facilitated exploration and production activities, attracting both domestic and foreign investments. Notable collaborations, such as those between ONGC and global energy majors like Chevron and Equinor, aim to enhance exploration and production capabilities. These partnerships, along with strategic investments and government support, are expected to drive the market's growth trajectory. The ongoing licensing rounds and the focus on ultra-deepwater exploration further underscore the potential for expansion in India's upstream oil and gas sector.
India Oil and Gas Upstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 India Crude Oil Production and Consumption Forecast, in thousands barrels per day, till 2027
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1.3 India Natural Gas Production and Consumption Forecast, in billion cubic feet per day, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraint
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.1.1 Overview
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2.1.1.1.1 Existing Projects
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2.1.1.1.2 Projects in Pipeline
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2.1.1.1.3 Upcoming Projects
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2.1.2 Offshore
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2.1.2.1 Overview
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2.1.2.1.1 Existing Projects
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2.1.2.1.2 Projects in Pipeline
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2.1.2.1.3 Upcoming Projects
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India Oil and Gas Upstream Market Size FAQs
What is the current India Oil and Gas Upstream Market size?
The India Oil and Gas Upstream Market is projected to register a CAGR of less than 1% during the forecast period (2024-2029)
Who are the key players in India Oil and Gas Upstream Market?
Oil and Natural Gas Corporation, Reliance Industries Limited, Oil India Limited, Larsen & Toubro Limited and BP PLC are the major companies operating in the India Oil and Gas Upstream Market.
