India’s gas consumption increases as economy picks up pace

India’s total gas consumption in November increased to 5.21 BCM, up nearly 2% from Nov 2019 levels (see chart).

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Fertilizer and Power sectors account for the bulk of our gas usage and as the country transitions into “a gas based economy” the share of natural gas in India’s overall energy mix is expected to go up from the current 6.2%, to nearly 15% by 2030.

Domestic gas suffices just 40% of our total needs, and indigenous production is expected to fall further due to ageing fields and new finds not being able to maintain the production levels due to geological conditions and reservoir limitations. The November imports were at 3.05 BCM – nearly 62% of the total monthly consumption.

As the Indian economy grows and we aim to become the 5th largest global economy by 2025, and the 3rd largest by 2030 – gas consumption in India is expected to grow at a CAGR of 9% over the next 10 years to 370 MMSCMD (up from the 175 MMSCMD levels currently) with 85% of this to be accounted for by imported LNG.

Source: Rajat Kapoor

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