https://sputniknews.in/20230901/india-aims-to-become-biggest-importer-of-natural-gas-govt-says-3973089.html
India Aims to Become Biggest Importer of Natural Gas
India Aims to Become Biggest Importer of Natural Gas
Sputnik India
The Indian Oil Corporation (IOC) will strive to increase its natural gas consumption by almost 250 percent by 2030 as the government makes efforts to achieve carbon-neutrality.
2023-09-01T14:22+0530
2023-09-01T14:22+0530
2023-09-01T14:26+0530
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The Indian Oil Corporation (IOC) will strive to increase its natural gas consumption by almost 250 percent by 2030 as the government makes efforts to achieve carbon-neutrality, a senior official at the country’s largest oil refiner has told Economic Times.The International Energy Agency (IEA) has said that India’s natural gas imports would rise to 115 billion cubic meters (bcm) from 66 bcm in 2021.According to US Energy Information Administration (EIA), Asia is the biggest importer of natural gas globally, followed by Europe and North America, as of July 2023.The US, Russia and Middle-East, mainly Qatar, are the biggest natural gas producers, according to current estimates.India’s Rising Gas Imports from RussiaIn a bid to diversify its natural gas importer base, New Delhi began importing natural gas from Russian energy giant Gazprom in 2018 under a 20-year deal signed in 2012.The joint statement released after consultations between Prime Minister Narendra Modi and President Vladimir Putin after their meeting at the Eastern Economic Forum (EEF) in 2019 called for increasing the participation of Russian companies in the Indian gas distribution market.India has also expressed interest in importing natural gas from Iran, which is also known to have vast LNG reserves.Previously, New Delhi has also been involved in exploring possibility for jointly developing the Farzan B gas field as well as importing Iranian gas through the Iran-Pakistan-India (IPI) gas pipeline.But these plans suffered a setback after Washington pulled out of the Iran Nuclear Deal and imposed sanctions on Tehran.
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India Aims to Become Biggest Importer of Natural Gas
14:22 01.09.2023 (Updated: 14:26 01.09.2023) New Delhi has said that it is projected to account for almost 25 percent of global energy demand by 2040.
The
Indian Oil Corporation (IOC) will strive to increase its natural gas consumption by almost 250 percent by 2030 as the government makes efforts to
achieve carbon-neutrality, a senior official at the country’s largest oil refiner has told Economic Times.
Sukla Mistry, the Director of IOC’s Refineries Division, told the publication that IOC’s plans were part of the broader national plan to boost the share of natural gas in primary energy mix from six percent currently to 15 percent in 2030.
“The Indian Oil refineries consume about 8.5 million cubic meters of gas per day. As gas consumption increases, the use of naphtha (a hydrocarbon derivate) at facilities is expected to decrease,” she said.
The International Energy Agency (IEA) has said that India’s natural gas imports would rise to 115 billion cubic meters (bcm) from 66 bcm in 2021.
According to US Energy Information Administration (EIA),
Asia is the biggest importer of natural gas globally, followed by Europe and North America, as of July 2023.
The US, Russia and Middle-East, mainly Qatar, are the biggest natural gas producers, according to current estimates.
India’s Rising Gas Imports from Russia
In a bid to diversify its natural gas importer base, New Delhi began importing natural gas from Russian energy giant Gazprom in 2018 under a 20-year deal signed in 2012.
The joint statement released after consultations between Prime Minister Narendra Modi and President Vladimir Putin after their meeting at the Eastern Economic Forum (EEF) in 2019 called for increasing the participation of Russian companies in the Indian gas distribution market.
India has also expressed interest in importing natural gas from Iran, which is also known to have vast LNG reserves.
Previously, New Delhi has also been involved in exploring possibility for jointly developing the Farzan B gas field as well as importing Iranian gas through the Iran-Pakistan-India (IPI) gas pipeline.
But these plans suffered a setback after Washington pulled out of the Iran Nuclear Deal and imposed sanctions on Tehran.
