Oil and Natural Gas India

OIL AND NATURAL GAS

EXECUTIVE SUMMARY:

Today the oil and natural gas supply is more than 60 percent of our nation's energy. In day to day life it is used in countless ways. Oil and natural gas energy is a premier Indian National oil company under the administrative control. OIL is engaged in the business of Exploration, Development and Production of Crude Oil and Natural Gas, Transportation of Crude Oil and Production of LPG.

Oil and Natural Gas Corporation Limited ( ONGC India) is considered as one of the Asia's best Oil & Gas company.Rajya Sabha,Minister of state for petroleum and natural gas Jitin Prasada(ONGC) and Oil India Limited have made 51 new discoveries in 2009-10 and in 2010-11 so far.Thus the consumption of oil and natural gas should go hand in hand with the economies pricing.

MARKET SURVEY –

India has a huge surplus of oil and natural gas, the country has sufficient resources to meet half of its oil and natural gas demands. The total estimated reserves of oil and natural gas are-

• 775 million metric tonnes of crude oil.

• 1074 billion cubic meters of natural gas.

Oil was first discovered in 1889 and since then the productions have increased significantly but the rate of consumption has increased radically. Oil production in India went up to 200,000 tons in 1950 and 400,000 tons in 1960.

The country has 35 major fields (Assam and Gujarat) and other 4 offshore oil fields (Bombay, south of Pondicherry, and in the Palk Strait). Petroleum exports during 2008-09 were US$ 26.2 billion. At present India is the sixth largest crude oil consumer in the world and the ninth largest crude oil importer.

The oil & natural gas industry can be segregated into three parts:

Upstream