The Indian oil & gas industry pegged at US 110 bn - which is about 15% of India’s gross domestic product - is one of the focus industries in the county’s rapidly growing economy. The ever rising energy demand, which grew at a compound annual growth rate of 4.57% between 1996 and 2006 as compared to the global average of 2.07%, has created challenges for the sector. Currently, the sector accounts for 36% of India’s primary commercial energy consumption. The demand for oil and gas rose sharply, at a CAGR of 4.02% and 6.82%, respectively during 1996–2006, and has resulted in a domestic short supply, with increased reliance on imports for meeting domestic demands. In the future, the demand supply gap is projected to increase even further, due to the high demand growth projected at 6.41% and 7.41%, respectively, from 2006-07 to 2024-25. While the challenges are immense, this rapidly industry also offers significant opportunities.
Partnering in NELP-VIII and CBM-IV Roadshows
The New Exploration Licensing Policy (NELP) VIII and Coal Bed Methane (CBM) IV rounds of bidding launched by the Government of India brings forth tremendous opportunities for the Oil & Gas industry, offering 70 blocks under NELP-VIII and 10 blocks under CBM-IV for bidding. Ernst & Young is partnering with the Ministry of Petroleum & Natural Gas in the NELP-VIII and CBM-IV Roadshows in Mumbai, London and Houston. Our experienced team of professionals offer customized services to suit the unique requirements of energy companies.
