OIL SHARE TO BE HIGHEST IN TOTAL ENERGY DEMAND India's oil and gas import bill may double by 2045
Financial Express Mumbai|February 15, 2024
THE COUNTRY'S PRIMARY energy demand, which is projected to almost double to 38.5 million barrels of oil equivalent per day (mboe/d) by 2045, will see the growth percentage of renewables being the highest at 11.5%.
ARUNIMA BHARADWAJ

However, the share of oil- and coal-based power will remain at the top at 30.1% and 33.2%, respectively, as per the report by the Petroleum Planning and Analysis Cell (PPAC).

"While demand for all energy sources will increase during this period, oil will account for the largest part of the growth as the country's demand for oil products will more than double from 5.1 mboe/d in 2022 to 11.6 mboe/d in 2045," the report by PPAC said.

The country's oil consumption is likely to jump to 305 million tonne of oil equivalent (Mtoe) in 2030 from 210 Mtoe in 2020, as per S&P Global Commodity Insights. Gas consumption will register a rise to 70 Mtoe in the same period against 53 Mtoe in 2020. As domestic supplies remain limited, the country's oil imports will exceed 90% of demand by 2030 at 280 Mtoe and gas imports are projected to surpass 60% of supplies at 44 Mtoe, as per the PPAC data.

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