India's Hydrocarbon Outlook, 2022-2023

India's energy demand is projected to increase at a rate of 3% until 2040 as the country aims to achieve a 10 trillion-dollar economy. The country is focusing on adopting cleaner energy and has made commitments to become net zero by 2070. To support India's upstream hydrocarbon sector, the government has introduced reforms to provide consistency, certainty, and transparency. The government has opened previously off-limits sedimentary areas for exploration, attracting global investors. The goal is to achieve energy security through collaboration between the government, industry leaders, E&P companies, and stakeholders. The Directorate General of Hydrocarbons (DGH) has played a role in shaping the Indian E&P sector for the past 30 years and has released the 30th Annual Publication "India's Hydrocarbon Outlook: 2023" to capture major developments. The oil exploration sector in India has a rich history, with exploration initially dominated by Oil & Natural Gas Corporation Ltd. and Oil India Ltd. Private companies were allowed to participate in exploration efforts starting in 1980. The liberalization policy in 1991 further opened up the E&P sector to domestic and foreign private companies. As a result, several exploration blocks and small to medium-sized discovered fields were offered to private and joint venture companies through bidding rounds. The need for an independent regulatory body led to the establishment of the Directorate General of Hydrocarbons.