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Strategic Analysis of Oil and Gas Sector in India
Frost & Sullivan, May 2009, Pages: 122
The research service provides a comprehensive overview of the oil and gas sector in India, covering the entire value chain of the industry. The upstream sector and the downstream sectors for petroleum and natural gas have been profiled individually. The service gives a detailed analysis of the investment climate in each segment, highlighting growth potential, competitive activity and the impact of government policies and regulations.
Research Overview
This Frost & Sullivan research service titled Strategic Analysis of Oil and Gas Sector in India provides a comprehensive overview of the oil and gas sector in India, covering its entire value chain. In this research, Frost & Sullivan's expert analysts thoroughly examine the following segments of the industry: oil and gas upstream, petroleum downstream, and natural gas downstream.
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Market Overview
Sizeable Refining Capacity Additions Turning India into a Global Refining Hub
Oil and gas accounts for 41 percent of India’s energy consumption and there is unlikely to be any significant scaling down of dependence on these fuels in the next five to ten years. The sustained economic growth in the country over the last five years has led to concurrent growth in energy demand across industrial, transportation, commercial, and residential sectors. “To meet this considerable demand, the oil and gas sector is expanding its refining capacity to drive output and export of petroleum products,” says the analyst of this research. “However, this could widen the gap between domestic demand and supply of crude oil.” A substantial increase in the domestic supply of natural gas and reduced prices of liquefied natural gas (LNG) are likely to encourage gas consumption in power, fertilizer, city gas distribution, and other industrial segments. Owing to the rising consumption of oil and gas, the Government has framed favorable policies to promote exploration and production. This move has caused a quantum leap in domestic natural gas supply. Government policies have also supported the growth of export-oriented refining capacity in the country.
The natural and technological limitations in enhancing global oil production are likely to restrain supply from keeping pace with demand in the long term. This, in turn, could lead to a continued increase in the base-level prices of crude oil. “In India, the pricing of petroleum products and natural gas continues to be regulated by the government,” observes the analyst. “Though international crude oil prices have come down in the short term, they are expected to rebound and rise in a sustained fashion in the long term.” The oil and gas sector will have to strategize to deal with volatile prices on the supply side and government-regulated product prices in the coming years.
With margins under pressure, Indian refiners have begun to integrate with value-added products such as petrochemicals, and invest in methods to improve distillate yields. Moreover, in response to the regulated product prices in the domestic market, the private sector refiners have moved to sell major shares of their products in the export market. “As crude prices have increased, the spotlight is on widening the gross refining margins by up-grading heavy gas oils and vacuum residue to fuel products,” notes the analyst. “To gain additional revenue, Indian refineries are also integrating horizontally to venture into the production of more value-added products.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Oil and gas upstream
- Petroleum downstream
- Natural gas downstream
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