IEA India Energy Outlook


IEA India Energy Outlook

The International Energy Agency has released the 'India Energy Outlook' giving projections of India's energy demand up to 2040. The report projects a dramatic surge in net oil imports to more than 90% by 2040. The report also states that the increase in oil demand in India will be more than any other country. Although the natural gas consumption is expected to grow three fold to 175 bcm, it will still play a limited role in the overall energy mix at 8%. In case of power generation over 50% of the new capacity will come from renewables. It was felt that oil & gas industry leaders need to review and discuss this outlook projected by IEA and deliberate on policy support to bridge future supply-demand gap to ensure India’ energy security.

Accordingly, a roundtable discussion was organized by the Petroleum Federation of India on December 22, 2015 to deliberate on the recent projections of the International Energy Agency (IEA) report on ‘India Energy Outlook’.

The Hon’ble Union Minister of State (Independent Charge) for Petroleum & Natural Gas, Shri Dharmendra Pradhan chaired the meeting which was also attended by senior officials of MoP&NG, Ministry of External Affairs, NITI Aayog, Petroleum Planning & Analysis Cell and CEOs and Directors of Oil & Gas majors as well as service companies in India.

During the intense deliberations industry leaders freely expressed their views on the possible course of action and policy options for the country.

The background paper prepared by PetroFed on IEA-India Energy Outlook to 2040 and gist of the discussion can be accessed here.