India is the fifth largest energy consumer in the world. Given India’s targeted GDP growth, the country’s fuel needs are likely to expand at a substantial rate. India’s per-capita consumption of energy and electricity is well below that of industrialized nations and the world average, meaning that there is scope for rapid expansion.
India’s Energy Mix Oil is an important energy resource which constitutes 36% of all primary resources. Natural gas constitutes only 9% where as world average is 24% which indicates a rapid growth opportunity in this vertical. Also heavy reliance on coal is not optimal as it is far more polluting fossil fuel as compared to natural gas.
Stagnating oil production and rapid economic growth has resulted into huge demand supply gap and heavy reliance on imports. Further demand of natural gas is also outstripping the supply. Reliance Industries Limited’s KG Basin Gas production may mitigate the gas shortage to a certain extent.
India is emerging as a refining hub with current refining capacity already in surplus. Most of the private sector refineries are focusing on export market. Due to environmental concerns and ever increasing compliance cost, overseas refinery market is going through stagnancy. In this scenario India is aiming to emerge as a major hub for refineries as Government of India is also providing tax incentives and fiscal incentive to new refineries.
The transmission and distribution segment of the natural gas sector is expected to grow in medium term which has been under developed till now. Availability of requisite volume of gas drives the development and growth of gas transmission and city gas distribution.
Indian Oils & Gas industry is one of the six core sectors and impacts overall economy in a larger way with its considerable forward integration. The industry is expected to grow at a Compounded Annual Growth Rate of almost 20% for next five years. Also India is expected likely to surpass Singapore as Asia’s top exporter of refined fuels over a forecasted period of 2011-21.
Employment opportunities in the Oil & Gas industry across India are growing and in high demand. Currently 13000 people are employed in this sector which is expected to grow at a CAGR of 6-8% for next few years.
The demand of quality project engineers, fuel gas engineers, designers and other technical roles are increasing. Oils & Gas sector employs engineers from various disciplines like chemical, civil, petrochemical etc. India’s proposition to become leader in refinery is also expected to create new job opportunities.
Geophysicists are involved in handling exploration operations and organizing and structuring critical information. The job opportunities for geophysicist are expected to increase as major players’ involvement in investigating exploration; drilling and leasing activities are increasing. Many global players employ geophysicist and geologist to study, analyze and prepare seismic data and geological maps for future test drilling.