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Zainab Calcuttawala

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Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years

Delhi

Hydrocarbon projects in India will get a US$300 billion boost over the next ten years as New Delhi prepares to grapple with growing energy demand in the subcontinent, Oil Minister Dharmendra Pradhan told reporters this week.

"In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand," Pradhan said at the IndiaEnergyForum, organized by CERAWeek.

The government has commissioned a team of experts to review project proposals that would be suitable for funding.

 "We are forming one internal think tank to advice on regular basis on ministerial work primarily on technology and on the target set by the Prime Minister on how to reduce (oil) import dependence 10 per cent,” he said. The group’s members include IHS Markit’s Daniel Yergin, BP’s Dev Sanyal, ExxonMobil’s Vijay Swaroop and other academic and industrial leaders.

Moody’s predicts that India will surpass China as the fastest growing energy market in the world by the end of next year, according to a recent report by the credit rating agency. Still, economic uncertainty in both China and India makes it difficult to determine whether or not India will actually be able to claim the top spot for energy growth.

“Given the oil sector’s reliance on China and increasingly India, we believe demand would face considerable risks if economic growth weakens materially below our expectations,” the report states.

Related: Oil Giants At Odds As Saudi, Russian Ties Improve

OPEC, too, expects India’s oil demand to increase—by 150 percent to 10.1 million barrels per day by 2040. This is up from 4 million barrels per day currently.

Last month, India reached a 14-year low in fuel demand as a massive flooding event unfolded over the course of a few weeks in vulnerable metropolitan areas.

By Zainab Calcuttawala for Oilprice.com

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