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Sector Overview

  • Oil & Gas sector is a key contributor to India’s economy as over one third of the energy required in the country is met by hydrocarbons. Oil and gas play a major role in influencing decision making for all the other important sections of the economy.
  • The Hon’ble Prime Minister Shri Narendra Modi has called for a 10% reduction in import dependence from the current level of 77% by the year 2022.
  • Further, we have set an ambitious task of increasing our share of gas consumption in the energy basket from the current level of 6.5% to 15% by 2022.
  • India has also made a strong commitment at COP21 to reduce its carbon emission per unit of GDP, by 33-35% from what it was in 2005, by 2030.
  • In a major policy drive to give a boost to petroleum and hydrocarbon sector, the Government has recently unveiled a series of initiatives like the twin launch of Open Acreage Licensing Policy and National Data Repository. The two initiatives launched under the new Hydrocarbon Exploration and Licensing Policy, are major steps in India's journey towards achieving energy security and would reinstate the confidence of investors in India.

FICCI's Engagement

  • To deliberate on issues related to oil and gas sector and supplement various efforts of the Government of India and other bodies engaged in this area by giving periodic inputs and submitting industry representations.
  • Facilitating policy and regulatory framework for the Industry for conducive business operations.
  • To be the credible voice of Indian hydrocarbon industry enabling its sustained growth and global competitiveness.
  • Create value for members and stakeholders in all our actions by providing them with timely information and productive suggestions.
  • Creating a healthy and strong interface amongst the Industry, Government and regulatory bodies.
  • Serve as a strong facilitator of continuous dialogue between various stakeholders of the upstream, midstream & downstream sectors of the Indian oil and gas sector.
  • Conducting periodic oil and gas related networking meetings, seminars and conferences where all major players participate to discuss on the emerging issues, share their views, find out innovative solutions to any existing or emerging challenges.