Natural gas consumption in India surged by 11% in September 2023 compared to the same month in the previous year, outstripping global growth rates, data from the Petroleum Planning & Analysis Cell (PPAC) showed.
The data indicates a total consumption of 5,254 million metric standard cubic meter (mmscm) for the month of September, reinforcing India’s position as one of the fastest-growing markets for natural gas. This growth trajectory is set against a backdrop of a global average increase of around 5%, highlighting India’s significant market dynamics.
Aiding this uptick, gross production of natural gas for September 2023 stood at 3,027 mmscm, marking a 6.1% growth compared to the corresponding month in the previous year. The cumulative gross production for the financial year up until September 2023 also witnessed a 4% increase.
LNG imports weren’t far behind. For September, India imported 2,278 mmscm of LNG, reflecting a robust 17.5% growth compared to the same month in the prior year. The cumulative import for the financial year up to September 2023 rose by 9.4%, resonating with the country’s growing demand.
Analysts suggest that India’s push for cleaner energy, combined with its burgeoning industrial sector, has driven this uptrend. The government’s recent policies, aiming at diversifying the energy portfolio and reducing carbon footprints, have also provided impetus to the natural gas sector.
Global energy giants and stakeholders will be keeping a close eye on India, as its energy landscape continues to evolve rapidly, presenting both challenges and opportunities.
