India's Hydrocarbon Outlook – 2022-2023

India is one of the fastest growing economies, and its growth contributes to making it third-largest energy consuming country in the world. India is also the fastest growing energy market, and its share has been estimated to be 25 % of the incremental growth in global energy demand over the next few years. The share of hydrocarbons in India's energy mix has increased to about ~33% of our energy basket. The import dependency of oil stands at 85.7% while for natural gas it was 48.2%. The goals of energy sufficiency require an impetus to be given to the upstreamsector. The acceleration of domestic exploration and production of oil and gas is among the top priorities for the Indian energy sector. Multiple exploration rounds under HELP-OALP, DSF awards have been made in past few years which should bear fruits in near and long term. The Ministry of Petroleum & Natural Gas (MoPNG) has been spearheading a multi-pronged strategy to substantially step up policy and regulatory reforms to accelerate the exploration and production of oil and gas. MoPNG has been leading wider stakeholder consultations, including with globally reputed MNCs, to review its contractual and fiscal frameworks to lend fresh vigour to India Exploration Campaigns. This has been backed up by the release of vast offshore sedimentary areas for exploration for the first time. To facilitate Ease of Doing Business, major strides have been made through the simplification of procedures and processes for Production Sharing Contracts. Approval processes have been streamlined by digitization and standardization of contractual submissions on the e-platform. Several other proindustry reforms are on the anvil. With endeavours towards continuous improvement, it is our endeavour to play a proactive and facilitative role. Our focus, besides enhancing production and enabling investments in E&P, is to encourage collaboration with industry, academia, investors, service providers and consultants to bring in new technologically, cost and operational efficiency. DGH will continue to play its facilitative role to encourage investors to invest in prospective sedimentary basins of India. As noted above, India provides an additional attraction of assured long- term market to absorb higher volumes of domestic oil and gas. Through the 30th edition of the DGH Annual Publication "India's Hydrocarbon Outlook — 2022-23" we have tried to present a comprehensive review of the Indian upstream sector. I am confident that this report will be a valuable reference to all stakeholders in the industry. MoPNG is open to receiving views for further strengthening of the Indian upstream sector and for improvements/enhancements in this document. Pankaj Jain Government of India Ministry of Petroleum and Natural Gas Shastri Bhawan, New Delhi - 110 001 Pankaj Jain Secretary iadt tSu lfpo Hkkjr ljdkj isVªksfy;e ,oa çkÑfrd xSl ea=kky; 'kkL=kh Hkou] ubZ fnYyh&11001