Forecast on India's Liquefied Natural Gas (LNG) Imports
The International Energy Agency (IEA) has released a forecast indicating significant growth in India's LNG imports by 2030.
Key Predictions by the IEA
- Doubling of LNG Imports: India's LNG imports are expected to more than double by 2030.
- Annual Growth Rate: LNG demand is projected to grow at an annual rate of 11% between 2023 and 2030, which is twice the average rate of the past decade.
- Increase in LNG Consumption: Consumption is predicted to rise to 64 billion cubic meters (bcm) per year by 2030.
- Overall Gas Consumption Rise: Total gas consumption is expected to surge by 60% from 2023 levels, reaching 103 bcm by 2030.
Drivers of Gas Consumption Growth
- City Gas Distribution Sector: This sector is anticipated to be a major driver of growth in gas consumption.
- Heavy Industries and Refiners: These sectors are also expected to contribute significantly to the rising demand for gas.
Domestic Gas Production Forecast
- Modest Production Growth: Domestic gas production is projected to grow modestly.
- Key Fields:
- Output from the Reliance-BP’s KG-D6 fields is expected to reach a plateau.
- There is a forecasted decline in production from legacy assets such as ONGC’s Mumbai offshore fields.
- Production Levels by 2030: Production is estimated to be just under 38 bcm, about 8% higher than 2023 levels.
