India's Oil and Gas Industry:

Adapting to a Changing Energy Landscape

- Kaushal Dighavkar

As India navigates a dynamic energy transition, its oil and gas sector remains a critical pillar of economic growth and energy security. With rising demand, policy reforms, and increasing private participation, the industry is poised for a transformative future. India's oil and gas sector is a cornerstone of the nation's energy security and economic progress. As the world's thirdlargest consumer of oil, India depends on hydrocarbons to meet its industrial, commercial, and transportation needs. The industry is a significant contributor to the GDP, and it provides direct and indirect employment to millions. Moreover, the sector plays a crucial role in supporting industries such as chemicals, fertilisers, and power generation.

Recognising its importance, the Indian government has implemented a range of policies to drive efficiency, investment, and sustainability in the sector. Initiatives such as the Hydrocarbon Exploration and Licensing Policy (HELP) and the Open Acreage Licensing Programme (OALP) have aimed to streamline regulations and attract domestic and foreign investors. The government's broader push for an 'Aatmanirbhar Bharat' includes strategies to reduce import dependency, develop indigenous resources, and integrate cleaner energy solutions into the existing infrastructure.

The Present State of the Industry