India's Hydrocarbon Outlook – 2022-2023

India's economic progress is closely linked to energy demand; therefore, as the economy expands, the need for energy will grow considerably. Even though our per capita energy consumption is still one-third of global average, our energy demand is expected to grow at an average rate of 3% per annum till 2040, while the global energy demand is projected to grow at 1%. India thus is the fastest growing energy market. Oil and gas contributed 33% share in India's primary energy mix and demand for oil and gas is expected to grow till 2040. The hydrocarbons sector plays a vital role in the economic growth of the country. Thus it is necessary to have a long-term policy for the sector, which would facilitate the infusion of technologies, capital and expertise to enhance domestic production to meet the future needs of the country. To meet ambitious goals of energy security, self-reliance, equity, and accessibility of affordable energy to its people, the Exploration & Production (E&P) sector becomes more important for India due to high import dependency. India has laid an impetus to accelerate domestic exploration and production and build strong energy security. One key step in this direction is furthering greater wider opportunities for exploration, development, and production in the E&P business encompassing wider stakeholder consultations for stability and creating policy and regulatory reforms. On the demand side, there have been sustained efforts towards managing the demand of petroleum products through energy efficiency and push for gas use and ensuring the availability of affordable fuel to the common people. I am confident the stakeholders will take advantage of the large and attractive opportunities in India's E&P sector and join hands in making India self-reliant. The 30 th annual publication of DGH titled "India's Hydrocarbon Outlook 2023" is a must-read for investors, industries, and policymakers. My heartiest congratulation to team DGH for this informative compilation. Rameswar Teli Office: 211-A, Shastri Bhawan, New Delhi-110001 Tel. : +91-11-23073165, 23381052 Office: Room No. 112, Shram Shakti Bhawan, New Delhi-110001 Tel. : +91-11-23720013 Minister of State for Petroleum and Natural Gas & Labour and Employment Government of India Rameswar Teli jkT; ea=kh isVªksfy;e ,oa çkÑfrd xSl vkSj Je vkSj jkstxkj Hkkjr ljdkj jkes'oj rsyh