By Charles Kennedy – Feb 10, 2025, 9:30 AM CST
India plans to launch new oil and gas licensing rounds as early as this week, Oil Minister Hardeep Puri said on Monday, as the world’s third-largest crude oil importer looks to boost its domestic hydrocarbon supply.
Puri also said that energy will likely be a topic of discussion between U.S. President Donald Trump and Indian Prime Minister Narendra Modi at a meeting scheduled for later this week.
“I will be surprised if sourcing of energy will not figure during the discussion,” Puri commented, as carried by Reuters.
India’s oil and gas demand is only expected to grow from now on, and the country is looking to boost its domestic output to help meet consumption needs and reduce reliance on imports.
India imports more than 80% of the crude oil it consumes daily and its energy import bill has soared during the spikes in oil and natural gas prices since the 2022 energy crisis.
So, increasing domestic production has been a key goal for India in recent years.
India’s state-held Oil and Natural Gas Corporation Limited (ONGC) has also picked BP to help it raise production from the largest oilfield in the country.
BP has indicated that oil output at the Mumbai High offshore field could be increased by 44% and gas production by 89%, ONGC said last month.
India’s oil demand growth is already exceeding Chinese demand growth.
India is expected to account for 25% of global oil demand growth this year, the U.S. Energy Information Agency (EIA) said in December.
In 2025, Indian oil demand is set to grow by 330,000 barrels per day (bpd). China will see a higher growth rate in 2025 compared to the weaker-than-expected increase in 2024. Yet, at 250,000 bpd growth in 2025, China will still lag India’s consumption increase, according to the EIA.
Estimates also say that India’s gas consumption could double by 2040 and triple by 2050.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com
- Alberta Looks to Export LNG to Japan Amid U.S. Tariff Row
- Chinese Refiners Switch Away From U.S. Oil After Tariff Exchange
- OPEC to Trump: We Set the Price, Not You
