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India’s oil and gas scenario can be characterized as being good, bad and ugly. The country’s Directorate General of Hydrocarbons (DGH), the government agency charged with leasing and regulatory activities, as well as both public sector and private oil and gas companies, are making a good effort to pursue E&P opportunities, despite the lack of world-class discoveries for more than a decade. The bad part could be that the potential for major fields is limited due to geological conditions. The ugly consequence is that India has a significant import bill, due to stagnant supply and ever increasing demand caused by a growing population and steady economic growth. India’s domestic consumption of petroleum products increased by 965 MMbbl in 2009–10, to 1.03 Bbbl in 2011–12. To support this growing consumption, India had net imports of 125.9 MMt, a debilitating 85% import rate.
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