Oil and Gas Industry

Extracted Attributes

• India Oil Recovery Rate

  30-35%

• India Oil Industry Start

  1889

• India Oil Import Dependency

  82%

• India Natural Gas Price Offer

  US$12 per MMBTU

• India Natural Gas Industry Start

  1960s

• India Crude Oil Production (FY21)

  30.4917 million metric tonnes

• Biofuel Production Capacity Target

  260,000 barrels per day

• India Natural Gas Production (FY21)

  28.67 billion cubic metres

• Deloitte Digital Maturity Index Score

  1.3 (lowest of all industry verticals)

• Microgrid Market Value Forecast (2025)

  USD 10.6 billion

• Oilfield Services Performance (2023-2024)

  Best in 34 years

• Biofuel Projects Announced (by end of 2024)

  Over 40

• India Crude Oil Reserves (as of 2018-03-31)

  594.49 million metric tonnes

• India Oil Import Reduction Target (by 2022)

  67%

• Industry Net Profit Increase (last 4 years)

  Nearly 16%

• India Natural Gas Reserves (as of 2018-03-31)

  1339.57 billion cubic metres

• Global Natural Gas Exploration/Production Cost Cap

  $3 per MMBTU

• State-of-the-art Oil Recovery Technology Capability

  Double India's current rate

• Industry Capital Expenditures Increase (last 4 years)

  53%

Timeline

• First oil deposits discovered near Digboi in Assam, marking the beginning of the petroleum industry in India. (Source: Wikipedia)

  1889

• The natural gas industry in India began with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field). (Source: Wikipedia)

  1960s

• India had estimated crude oil reserves of 594.49 million metric tonnes and natural gas reserves of 1339.57 billion cubic metres. (Source: Wikipedia)

  2018-03-31

• India was the second top net crude oil importer, importing 205.3 million metric tonnes. (Source: Wikipedia)

  2019

• India's domestic crude oil production output fell by 5.2% to 30.4917 million metric tonnes. (Source: Wikipedia)

  2021 (Fiscal Year)

• India's natural gas production fell by 8.1% to 28.67 billion cubic metres. (Source: Wikipedia)

  2021 (Fiscal Year)

• India's crude oil production decreased by 2.3%, while homegrown natural gas production increased by 20.23%. (Source: Wikipedia)

  2021-08

• India aims to reduce its oil import dependency to 67%. (Source: Wikipedia)

  2022

• Globally, the oil and gas industry distributed nearly US$213 billion in dividends and US$136 billion in buybacks. (Source: Web Search Results)

  2024-01 to 2024-11

• Over 40 biofuel projects are announced, targeting a combined production capacity of 260,000 barrels per day. (Source: Web Search Results)

  2024 (by end)

• The microgrid market in the oil and gas industry is expected to reach USD 10.6 billion. (Source: Web Search Results)

  2025 (Forecast)

• Elon Musk views sustainable energy, particularly solar energy, as the only serious long-term solution, dwarfing the oil and gas industry. (Source: Related Documents)

  Long-term

Oil and gas industry in India

The petroleum industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field). As of 31 March 2018, India had estimated crude oil reserves of 594.49 million metric tonnes (Mt) and natural gas reserves of 1339.57 billion cubic metres of natural gas (BCM). India imports 82% of its oil needs and aims to bring that down to 67% by 2022 by replacing it with local hydrocarbon exploration, renewable energy and indigenous ethanol fuel. India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year. In August 2021, crude oil production decreased by 2.3%, but there was a 20.23% increase in homegrown natural gas. India offers US$ 12 per MMBTU whereas natural gas exploration and production cost is capped at $3 in many markets. Oil recovery is still only 30–35 per cent in India whereas state of the art technology can double it.

Web Search Results

• Navigating the Future: Key Trends Shaping the Oil and Gas Industry ...

  As we enter 2025, the oil and gas industry is at a critical juncture. The past year has been marked by a complex interplay of controlled OPEC+ supply, variable demand, and geopolitical tensions. Despite these challenges, the industry has shown remarkable resilience, reflected in the stability of oil prices and robust financial performance. As we look ahead, several key trends are poised to shape the industry’s trajectory, driving growth and innovation. [...] The oil and gas industry will likely continue leveraging digital technologies and M&A activities to help enhance operational efficiency and achieve economies of scale for sustainable growth. Investments in scalable and commercial low-carbon solutions are anticipated to increase as companies focus on profitable growth [...] As we move into 2025, the oil and gas industry is poised for a transformative year. The following three themes are expected to play out next year:

• 2026 Oil and Gas Industry Outlook | Deloitte Insights

  Globally, the oil and gas industry distributed nearly US$213 billion in dividends and US$136 billion in buybacks between January 2024 and mid-November 2024 (figure 1).2 [...] By prioritizing high-return investments and maintaining a focus on production efficiency, oil and gas companies have worked to ensure robust financial performance and retained investor trust. Over the last four years, the industry’s capital expenditures have increased by 53%, while its net profit has risen by nearly 16%.3 In fact, oilfield services reported its best performance for the 2023 to 2024 period in the past 34 years.4 Additionally, some companies are engaging in increased investments [...] As we look ahead to 2025, an interesting interplay between the global economy, industry dynamics, and corporate strategies will likely play out. Although the oil and gas industry is no stranger to disruption—and recent history suggests it has emerged stronger from such challenges—the coming year could be pivotal due to easing monetary policies, geopolitical tensions, and postelection energy policies. With oil prices projected to remain range-bound amid a cautiously optimistic investment

• Top 10 Oil and Gas Industry Trends in 2025 | StartUs Insights

  The oil and gas sector is undergoing a digital and sustainable transformation, with advanced technologies and efficiency-focused solutions driving this change. The oil and gas industry trends like artificial intelligence (AI) and machine learning (ML) are optimizing operations, predictive maintenance, and exploration processes. Besides, the industrial internet of things (IIoT), along with cloud and edge computing, is enhancing real-time data analytics and remote monitoring. [...] Globally, oil majors such as BP and Shell invest in green hydrogen projects, using offshore wind for electrolysis to decarbonize refining and petrochemical operations. The biofuels segment is also expanding, with over 40 biofuel projects announced by the end of 2024, targeting a combined production capacity of 260 000 barrels per day (bpd). [...] In 2025, the industry is expected to reach USD 10.6 billion, with strong adoption in oil and gas operations, where microgrids provide stable and renewable power solutions for remote facilities. #### Cowboy Clean Fuels produces Renewable Natural Gas

• Oil and Gas Industry Trends: What's Driving the Future in 2025 - Blog

  The oil and gas industry is still miles behind digital transformation. According to Deloitte’s Digital Maturity Index, the oil and gas sector scores just 1.3 on the Deloitte scale – the lowest of all industry verticals. With such a low score, businesses cannot afford to continue operating inefficiently due to declining natural resources and consumer demand for cleaner energy. Hence, disruptive technologies are gaining momentum among oil and gas companies. [...] In 2025, the most impactful oil and gas industry trends include the shift toward sustainable practices, digital transformation through automation and data analytics, increased investment in clean energy technologies, and efforts to address the skilled labor shortage. These trends are reshaping how companies operate and compete in a rapidly evolving global energy market. ### How is the oil and gas industry adapting to sustainability? [...] The possibilities of revolutionizing the oil and gas sector are immense. Shared ledgers and smart contracts affect multiple functions such as supply chain, loyalty programs, trading in carbon emissions, integrating cryptocurrency into gas station transactions, land royalties, production sharing, and much more. What’s Next: Future Oil and Gas Industry Trends to Watch

• Oil & Gas Industry Trends | Keystone Energy Tools

  Th e oil and gas industry is navigating an era of profound transformation. Companies that embrace these trends—from digital transformation to renewable energy investment—will be better equipped to thrive in an increasingly competitive landscape. Keystone Energy Tools is at the forefront of this evolution, leveraging innovation, sustainability, and advanced technology to lead the way. Adaptation is not just survival—it's the key to success in the future of energy. Image 8: Small CTA [...] To remain competitive,oil and gas companies must innovate in alternative energy production while continuing to optimize traditional methods. This dual approach not only enhances operational efficiency but also positions companies to meet the growing demand for cleaner energy solutions. While the investment required is significant, it opens doors to sustainable profitability and long-term resilience in an evolving energy landscape. [...] To navigate this uncertainty, companies are focusing on expanding operations into stable regions and diversifying their supply chains to maintain continuity in production. By strategically positioning themselves in less volatile markets and sourcing materials from multiple suppliers, these companies can mitigate risks associated with geopolitical tensions and market fluctuations, ensuring smoother operations even in challenging environments. improves recovery rates.