Investments/Recent Developments

• As of November 1, 2023, India had 10,938 kms of crude pipeline network, with a capacity of 153.1 MMTPA.
• In FY24 (until October 2023), the crude oil production in India stood at 17.17 MMT.
• India’s oil and gas production is expected to achieve a mid-decade peak between 2023-2032, around 2027, driven by the KG-Basin projects operated by Reliance Industries Limited and Oil and Natural Gas Corporation (ONGC).
• With 12,235 kms of refined products pipeline in India, the Indian Oil Corporation Limited (IOCL) leads the segment with 53.17%, as of November 1, 2023.
• The total number of OMC retail outlets increased to 88,248, as of November 1, 2023, from 59,595 in FY17.
• In India, as of November 1, 2023, IOCL owned the highest number of retail outlets (36,792), followed by HPCL (21,482), and BPCL (21,391).
• As of November 1, 2023, there were 25,437 LPG distributors (under PSUs) in India.
• During April-October 2023, the production of CBM stood at 379.93 MMSCM.
• India’s crude oil production in FY23 stood at 29.2 MMT.
• The total number of OMC retail outlets increased to 86,925, as of May 1, 2023, from 59,595 in FY17.
• As announced in May 2023, Jio-bp, the retail fuel joint venture of Reliance and bp will sell diesel mixed with detergents and dispersants at Rs. 1 cheaper per litre than gasoil sold by the state-run companies, such as IOCL, BPCL, and HPCL.
• In FY23, the oil sector’s total installed provisional refinery capacity stood at 255.2 MMT, and IOC emerged as the largest domestic refiner with a capacity of 72.4 MMT.
• As of June 30, 2023, Gas Authority of India Ltd. (GAIL) had the largest share (58.75% or 19,601 kms) of the country’s natural gas pipeline network (33,363 kms).
• Tata Mining Limited signed an MoU with Gas Authority of India Limited (GAIL), in order to reduce carbon footprint in its operations, and for the supply of natural gas to its Ferro Alloys Plant at Athgarh in Odisha’s Cuttack district. GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
• The Petroleum and Natural Gas Regulatory Board (PNGRB), the downstream regulator, in March, 2023, announced that it has amended the PNGRB Determination of Natural Gas Pipeline Tariff regulations to incorporate provisions for Unified Tariff for natural gas pipelines with a mission of “One Nation, One Grid, and One Tariff.” Based on the regulations, PNGRB has notified a levelized Unified Tariff of Rs. 73.93/MMBTU and created three tariff zones for Unified Tariff, where the first zone is up to a distance of 300 kms from the gas source, the second zone is 300-1.200 kms, and the third zone is beyond 1,200 kms.
• In February 2023, Oil India Limited commenced the project for India’s first exploratory oil well in Mahanadi Onshore Basin in Odisha under OALP.
• In May 2022, ONGC announced plans to invest US$ 4 billion from FY22-25 to increase its exploration efforts in India.
• In April 2022, Indian Oil Corporation Limited, Larsen & Toubro and Goldman Sachs-backed renewable energy producer ReNew Power formed a joint venture by signing a term sheet. This JV will develop green hydrogen projects, helping India cut down its carbon emissions.
• Exports of petroleum products from India reached 61 MMT in FY23.
• The value of exports of crude oil and petroleum products stood at US$ 44.41 billion. In FY22, crude oil imports stood at 4.24 MBPD, which was worth US$ 120.4 billion.
• In March 2022, the Board of IOCL approved plans to invest Rs. 7,282 crore (US$ 932.6 million) for the development of City Gas Distribution (CGD) network in 9 geographical areas (GAs).
• In March 2022, the Board of Oil India approved an investment of Rs. 6,555 crore (US$ 839.49 million) for Numaligarh petrochemical project.
• In January 2022, Indian Oil Corp. Ltd. (IOCL) announced plans to expand its city gas distribution (CGD) business, looking to invest Rs. 7,000 crore (US$ 918.6 million).
• In January 2022, Adani Total Gas Ltd (ATGL), a joint venture between the Adani Group and TotalEnergies, won licences to expand its City Gas Distribution (CGD) network to 14 new geographical areas, with an investment of Rs. 20,000 crore (US$ 2.62 billion).
• In November 2021, Oil and Natural Gas Corp. Ltd (ONGC) announced that it invested up to Rs. 6,000 crore (US$ 800 million) in its petrochemicals arm (ONGC Petro Additions Ltd.) to meet its equity requirements.
• In November 2021, Indian Oil, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited announced the launch of the Model Retail Outlet Scheme and a Digital Customer Feedback Programme called Darpan@petrolpump. These three oil PSUs have joined hands to launch model retail outlets to enhance service standards and amenities across their networks, which serve over six crore consumers every day.