India's Hydrocarbon Outlook – 2022-2023

India's energy demand is projected to increase at a rate of 3% till 2040 as the country aims to achieve a 10 trillion-dollar economy. The energy sector plays a crucial role in sustaining and accelerating India's economic growth. The country has already made progress in adopting cleaner energy. PM Modi's vision of providing clean and affordable energy for all is central to India's energy policy. India has committed to become net zero by 2070, with five promises (Panchamrit) made at Glasgow COP26. India is focusing on expending the use of renewables, including bioenergy, to ensure energy security and reduce energy imports. The country is committed to mitigating climate change by increasing its non-fossil energy capacity to 500 GW, reducing its carbon intensity to 45% by 2030, fulfilling 50% of its energy requirement through renewable energy, and reducing one billion tonnes of carbon emissions. To support India's upstream hydrocarbon sector, the Government has introduced systematic reforms to provide consistency, certainty, and transparency in the E&P ecosystem. The vast sedimentary areas, that were previously off-limits, have now been opened for exploration, creating attractive upstream openings for global investors. To make the sector more appealing for investments, the Government has taken significant steps to facilitate ease of doing business, offering globally comparable investment opportunities. Achieving energy security requires continuous and collaborative efforts from the Government, industry leaders, E&P companies, and stakeholders. The Government is committed to revitalizing the oil and gas ecosystem and establishing a conductive business environment. The Directorate General of Hydrocarbons has played a pre-emptive role in shaping the Indian E&P sector for the past 30 years. The release of 30th Annual Publication "India's Hydrocarbon Outlook: 2023," captures all major developments in the Indian E&P sector during the year. Hardeep S Puri Office : Room No. 201-A, Shastri Bhawan, New Delhi-IIOOOI; Phone : 011-23386120, 22381462, 23386118 (Fax) Minister of Petroleum & Natural Gas; Housing and Urban Affairs Government of India Hardeep S Puri gjnhi ,l iqjh isVªksfy;e ,oa çkÑfrd xSl_ vkoklu vkSj 'kgjh dk;Z ea=kh Hkkjr ljdkj 24 March 2023 New Delhi