New Delhi: India’s dependence on imported natural gas increased during the first 11 months of the current fiscal. Data released by the Petroleum Planning & Analysis Cell (PPAC) of Petroleum ministry revealed this.
As per data, India’s import dependency in the case of natural gas in April-February was 46.1 per cent during April-February of current fiscal. It was at 43.6 per cent in the corresponding period of FY23. For the full FY23, natural gas import dependency was 43.9 per cent, down from 48.4 per cent in FY22.
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Data also revealed that country’s imports of liquefied natural gas (LNG) are up 37.5% in February 202 over the corresponding period of the previous year.The total LNG import in February 2024 was 2,522 million standard cubic meters (MMSCM) against last February’s 1,834 MMSCM.
India is trying to increase its LNG import capacity to lift the share of natural gas in its energy mix to 15% by 2030 from the current level of 7%. The move is to lower the dependence on dirtier fossil fuels such as coal and oil.
India’s gas production in February was up 11.1% from the same month in 2023, at 2,947 MMSCM. The total consumption in February this year was 5,650 MMSCM (provisional). Major consuming sectors were Fertilizer (28%), City Gas Distribution (20%), Power (12%), Refinery (10%) and Petrochemicals (4%).
The total natural gas available for sale during February 2024 was 4935 MMSCM (an increase of 22.5% over the corresponding month of the previous year).
According to a report by CareEdge Ratings, India’s reliance on imported liquefied natural gas (LNG) is projected to decrease to around 45% by FY26, down from 53% in FY21. This change is attributed to an increase in domestic natural gas production, with nearly 30 MMSCM per day of new production added over the past three years.
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