OIL AND GAS PROJECTIONS FOR 2017
Oil and gas is without doubt one of the six core industry sectors in India. It plays a strategically important role in influencing a lot of important decisions for industries of other sectors as well. Primary energy consumption sees a serious contribution of 39.2% from the oil and gas industries. According to the predictions, the numbers are expected to get threefold by 2035. The demand for oil and gas is increasing yearly.
The lifestyles of people are improving and vehicles are getting cheaper. India’s economic growth is connected to the energy demand and so the expectations for oil and gas sector are skyrocketing every year.
FDI & Policies:
The federal government of India has adopted several measures and implemented regulatory policies so as to cater to the increasing demand of oil and gas. 100 percent foreign direct investment has been allowed in the sectors of petroleum products, natural gas and refineries. This paves way for both domestic and foreign investment in the country, therefore assuring an overall growth of oil and gas sectors.
Gas consumption is prone to expand at a CAGR of 21. Greater than three quarters of the country’s total gas consumption is out of domestic production accounts. India relies heavily on imported LNG and is the fifth largest importer of LNG in the world. India’s LNG import is projected to increase at a CAGR of 33 per cent. Oil and Natural Gas Corporation; accounts for 68 per cent of the country’s total oil output. India’s consumption of petroleum products, petrol, diesel, kerosene, cooking gas etc. rose to 17.7 by October 2015.
Equipment manufactures all around the country have begun embedding machine learning technologies which might help the purchasers in extracting optimum efficiency. Data monitoring helps in crude oil trading in india facilitating maintenance strategies and correct utilization of equipment. Oil and gas companies have begun understanding the benefit in gathering the information and to improvise the operations.
Information and Big data also appear to be affecting the petroleum consumption trends and figures in interesting ways. It could surely not be an understatement to say that crude oil trading in india in the coming year; successful companies shall those who can take full advantage of the information so as to have cost and time savings. Savings shall amount to a lot of the earning in oil and gas sector within the tougher economic times. The advanced businesses in 2016 can be looking forward to taking advantage of this automated learning and running process in order that they can get best sales, profit and business.
3D Printing is IN:
Moreover, 3D printing goes to emerge as the most innovative alternative for companies in oil and gas industries of 2016. Today, almost all major companies are using 3D printing to their best effect. It helps in creates models before any plan is implemented. It can be used for training purposes. It is very useful in on site teaching and repairing. It also helps in maintaining equipment in remote areas. Companies are going to look to chop down their costs and save time. Hence, 3D printing is going to play a serious role as a tool right from production to provide chain.