India’s oil demands to reach 9.8 MBD in 2040: Pradhan

24 February, New Delhi

India’s oil demand is estimated to grow to 9.8 million barrel per day (MBD) by 2040 from 3.8 MBD in 2014, Petroleum Minister Dharmendra Pradhan told the Rajya Sabha Wednesday.

He said the Government has taken various policy initiatives to enhance oil and gas production, including approval to the Marginal Field Policy, linking the transparent new gas pricing formula to the global market, reassessing the hydrocarbon potential in Indias sedimentary basins, appraising about 1.5 million sq. km. of un-appraised basins and setting up of National Data Repository.

The Minister further said that the Government is encouraging Foreign Direct Investment (FDI) to supplement domestic investment and technological capabilities in the petroleum sector.

The present FDI policy for oil and gas sector allows 100 per cent automatic route for exploration and production subject to the existing sectoral policy and regulatory framework in this sector, Mr Pradhan added.