The country’s oil and gas imports are expected to double by 2050 as overall energy demand grows while the dependence on coal reduces going forward. According to BP Energy Outlook 2050, the growth of energy consumption in the emerging economies will be led by India, “which is seen to be the largest source of demand growth out to 2050”.
Currently, indigenous natural gas production caters about 50% of the country’s requirements, while around 85% of the country’s crude oil is imported. Imports of natural gas in India is seen to rise significantly going forward as gas-based power plants will play a major role in balancing the rising share of renewable energy, which is uncertain and intermittent. This will deepen the country’s dependence on imported liquefied natural gas (LPG).