The Indian oil and gas (O&G) sector is projected to touch US$ 139,814.7 million by 2015 from US$ 117,562.9 million in 2012. The sector provides vast opportunities for investors. The New Exploration Licensing Policy (NELP) of 1997–98 was envisioned to deal with the ever-growing gap between demand and supply of gas in India. It has successfully attracted both foreign and domestic investment, as attested by the presence of Cairn India and Reliance Industries Limited in the country.
In 2011, India’s O&G sector witnessed one of the biggest FDI deals in the country, with British Petroleum (BP) formalising a US$ 7.2 billion partnership with Reliance Industries, for exploring offshore gas reserves.
At the end of FY 2011–12, India had total reserves of 1330 billion cubic metres (bcm) of natural gas and 760 million metric tonnes (mt) of crude oil.
The global oil & gas market was worth just over US$2,640 billion in 2010, representing almost a 74 billion barrel oil equivalent of consumption1.
—The oil & gas industry is predicted to grow at a 7% compound annual growth rate, hitting almost US$3,700 billion by the close of 2015, according to research from MarketLine2.
—The growing shortage of skilled professionals remains a common concern among industry executives, who say this is endemic across every region, from Australia to Asia and Europe3.
—In the US, the key skills shortage in the critical 35 to 40 age group is ‘a direct legacy of the decline in the number of graduates studying geosciences in the mid-1990s, when oil prices last dipped to
about $10 (U.S.) a barrel.