A new report by the engineering consulting firm CPT Engineering reveals that India’s petroleum and gas industry will grow at an annualised rate of 4.8% in 2020, far above the global average of 3.3%.
India’s petroleum-based industrial output is forecast to grow by 3.7% from 2020 to 2021, according to the report.
The country is already the third-largest producer of gas in the world behind the US and Russia.
India’s gas export revenues are forecast to be worth $3.7 trillion by 2021, more than triple the US$2.7-trillion annual average and up from $1.8 trillion in 2021, the CPT report said.
The industry’s exports, which account for around 30% of the country’s GDP, will account for another 40% of this growth.
The CPT study also forecast that the Indian oil and gas sector, which is the countrys biggest oil and natural gas producer, will grow by 9.4% in the same period.
The report said that India has a huge potential to become a global leader in the production of oil and coal and is now at the stage where its shale gas reserves can be tapped.CPT, which was founded in 2009, said that, in addition to the increased production of petroleum and natural-gas, India is also the world’s second-largest exporter of liquefied natural gas (LNG) in terms of capacity.