The Indian oil and gas (O&G) sector is projected to touch around US$ 139,814.7 million by 2015 from US$ 117,562.9 million in 2012. The New Exploration Licensing Policy (NELP) was envisioned to deal with the ever-growing gap between demand and supply of gas in India. It has successfully attracted both foreign and domestic investment in the industry. India's economic growth is closely linked to energy demand.
The need for oil and gas, which are among the primary sources for meeting energy requirements, is thus projected to grow further. To meet this demand, the government has adopted several policies, such as allowing 100 per cent foreign direct investment (FDI) in several segments of the sector, including petroleum products, natural gas, pipelines, and refineries.
India's natural gas output was 3.01 bcm in July 2013. India's natural gas output will increase by 67 per cent in the next three years owing to higher production from several blocks, especially Reliance Industries-operated KG-D6. ONGC will explore 30 additional shale gas wells in the country over the next two years. The company plans to invest about Rs 600 crore (US$ 96.81 million) for the project.
By 2015-16, India's demand for gas is set to rise to 124 million tonnes per annum (mtpa) against a domestic supply of 33 mtpa and higher imports of 47.2 mtpa, which still leaves a shortage of 44 mtpa, according to projections of the Petroleum and Natural Gas Ministry.
INDIAN OIL INDUSTRY AT A GLANCE IN 2013 - 2014 
