India has significant oil and gas reserves and just over 60 per cent of the potential in oil sector has been explored so far. The country made extensive oil discoveries in the recent years. The most noteworthy of these discoveries are located in the offshore east coast basins of Krishna-Godavari and Mahanadi-NEC basins; Western offshore and onland in the Rajasthan, Cambay and onland Assam-Arakan basins.

The total production of crude oil during 2008–09 was 33.50 MMT and the total production of natural gas in 2008–09 was 32.85 billion cubic metres (BCM). Further, refining activity has also been growing steadily. Oil comprises about 33 per cent of India’s primary energy consumption at present. According to estimates of the integrated energy policy report, Planning Commission of India, 2006, the total energy requirement (including oil, gas, coal, nuclear and hydro energy sources) in the country by 2032 would be 1,651 million tonnes of oil equivalent (MTOE).

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