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Crude Oil, Natural Gas, and Petroleum Refinery Products are among eight core industries in India. In the fiscal year 2023-24, India produced 29.4 Mn metric tons (MMT) of crude oil and 36.4 Bn cubic meters (BCM) of natural gas, while importing 234.3 MMT of crude oil, 48.7 MMT of petroleum products, and 31.7 BCM of liquified natural gas (LNG) to meet rising energy demand. During the same period, India consumed 234.3 MMT of petroleum products and exported 62.6 MMT of petroleum products worth $47.7 Bn. Notably, 67 million people visit refuelling stations every day in India.

To bolster India's exploration and production segment and streamline operations, several initiatives have been implemented. These include policies such as the Hydrocarbon Exploration and Licensing Policy (HELP), a 99% reduction in 'No-Go' areas in Indian offshore zones, and the introduction of the Urja Pragati Platform for faster clearances and easier compliance through self-certification, reducing the number of approvals. Additionally, the establishment of the National Data Repository (NDR) enhances transparency and accessibility of vital energy sector data and information. India’s energy landscape is rapidly evolving, with the country boasting 651.8 Mn metric tons of recoverable crude oil reserves and 1,138.6 Bn cubic meters of recoverable natural gas reserves within its sedimentary basins. India's E&P sector offers investment opportunities worth $100 Bn by 2030.

India offers opportunities worth $67 Bn investment as the share of Natural Gas increases from 6.7% to 15% in the energy mix by 2030. In this regard, a significant development is the expansion of India's City Gas Distribution (CGD) network, aiming for complete national coverage (excluding Islands). 

An overview of some of the major infrastructure in the Indian Oil & Gas segment is: 

1. 23 refineries with a cumulative installed capacity of 256.8 MMTPA (4th largest refiner globally).
2. 8 LNG terminals with a combined regasification capacity of 52.7 MMTPA (4th largest LNG importer globally).
3. 
93,839 petroleum retail outlets spread across the length and breadth of India.
4. 
10,445 km of crude oil pipelines and 24,130 km of petroleum product pipelines.
5.
 329 Mn+ domestic LPG consumers across the country. (3rd largest LPG consumer)

In parallel, India has made significant strides in biofuels, achieving a 10% ethanol blending in gasoline target in June 2022, ahead of its schedule. This success has encouraged the country to advance the 20% ethanol blending target to 2025-26 from 2030. The government has also introduced blending mandates for other biofuels in compressed natural gas (5% blending obligation in CNG (transport) & PNG (Domestic) by 2029), biodiesel - (indicative target of 5% blending by 2030), and sustainable aviation fuel - (indicative blending of 2% for international flights by 2028), supporting their growth and investments.

(Source: https://www.investindia.gov.in/sector/oil-and-gas)