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Indian petroleum industry

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Indian petroleum industry

Indian petroleum industry

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  • 1. Indian Petroleum Industry
  • 2. Historical Perspective • Indian petroleum industry dates back to 1890 • India's first refinery was built at Digboi in 1901 • Bombay High was between 1964-67 • In 1976, India nationalized the refining and marketing sector in response to the oil crisis of the 1970s • The oil exploration sector remained under state control till 1991 • The most significant step towards liberalization in the oil industry-November 1997
  • 3. CURRENT STATE & KEY DEVELOPMENTS • Accounts for 15% of the country’s GDP • 10% of total in 2011 estimated 20% till 2025 • 2010 approx. 63% middle east,22% Africa , 10% western hemisphere • Policies-100 per cent FDI in many segments • In 2011-Biggest Deal in oil and gas sector • 2010 approx. 63% middle east,22% Africa , 10% western hemisphere • Policies-100 per cent FDI in many segments • In 2011-Biggest Deal in oil and gas sector
  • 4. Major contributory factors for high demand growth rates in India • Significant growth in passenger car population • Significant growth in transportation vehicles • Replacement of conventional cooking fuels
  • 5. WAY FORWARD – AN ANALYSIS OF THE 2012–13 UNION BUDGET, AND OTHER INITIATIVES The duty on crude oil Increased From rs2500 to rs4500 The basic customs duty on the import of LNG for power generation is exempted for two years Subsidies on sensitive petroleum products such as kerosene, LPG and diesel Indirect initiatives-an increase in service tax from 10 per cent to 12 per cent
  • 6. Way forward and key opportunities • Prospective investment of Rs 3.9 trillion (US$ 75 billion) over 2012–17 • ONGC and IOC are expected to spend Rs 1.75 trillion • 12th Five Year Plan emphasized-exploring off shore oil fields • The focus on R&D is expected to increase during the 12th Plan period
  • 7. Conclusion

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