• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 14 minutes What's the Endgame Here?
  • 17 minutes Shale Oil Fiasco
  • 4 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 49 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 3 hours Might be Time for NG Producers to Find New Career
  • 9 mins Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 19 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 hours Phase One trade deal, for China it is all about technology war
  • 2 hours Wind Turbine Blades Not Recyclable
  • 3 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 2 hours Denmark gets 47% of its electricity from wind in 2019
Alt Text

Natural Gas Could Soon Fall Below $2

A bounce back in natural…

Alt Text

Why Oilfield Service Giants Are Dumping Assets

The three biggest oilfield service…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This Nation Just Became The World’s Newest Energy Superpower

Lots of news this week on energy companies from one particular spot on Earth.

India.

In Lebanon — where reports suggest Indian state oil firm ONGC will bid for offshore blocks. In Canada — where Indian officials are said to be negotiating coking coal supplies. And even in Venezuela, where the cash-strapped government is seeking to sell ONGC a 9 percent stake in the key San Cristobal oil field.

And a new study released this week suggests it’s not coincidence we’re hearing so much about Indian companies on the energy stage.

In fact, India has quietly become one of the world’s biggest energy investors.

That revelation came from the International Energy Agency (IEA) — which released a report yesterday on energy investment trends for 2016. Showing that India’s investment in energy projects surged during the past year.

All told, India’s spending on electricity, oil and gas, coal and renewables jumped by 7 percent in 2016, as compared to the previous year. Reaching nearly $100 billion.

As the chart below shows, that rise was enough to vault India into third place globally for energy investment. Edging out oil giant Russia.
India moved into third place globally for energy spending in 2016.

(Click to enlarge)

Of course, India’s energy spending is still a long way off second-place U.S. and top investor China. But the rapid rise of energy investment here shows this is an up-and-coming spot for project funding in oil and gas, and beyond. Related: The Biggest Obstacles For China’s $900 Billion Silk Road

IEA attributed India’s ascent to new government policies helping to modernize and expand the economy. Further evidence the country is “getting its act together” in becoming a true natural resource superpower.

That’s an important point of note for project developers globally. Especially given Indian firms seem to have appetite for places further out on the risk spectrum — evidenced by this week’s action in places like Lebanon and Venezuela.

As a final point of interest, the IEA study also showed that — for the first time ever — electricity passed oil and gas as the top energy sector for investment in 2016. Coming as capital spending in the global petroleum space plunged 38 percent between 2014 and 2016.

The group says however, that petro-spending should jump in 2017. Watch for Indian companies to be a big part of those deals and new projects.

Here’s to a star rising.

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play