India Reduces Gas Import Dependency To 46.3% In FY23

India's import dependency based on consumption for natural gas has decreased from 48.2% in Financial Year 2021-22 to 46.3% in Financial Year 2022-23 (April to October). Government has taken multiple steps/launched various policy initiatives to increase domestic production of natural gas and adopted strategies for promotion of biofuels. These, inter-alia, include support for compressed Biogas, National Gas Grid for pipeline infrastructure, City Gas distribution Networks and LNG regasification terminals are being developed to ensure availability of gas to all demand centers.

Under production sharing and revenue sharing contract regimes, hydrocarbon (oil and gas) exploration activities are carried out by the operating companies. As reported by operating companies, an investment of approximately 1.8 Billion USD (Provisional) has been made in exploration activities, in the last 5 years.

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