Posted on 11/30/2015 8:49:50 AM PST by thackney
India's oil demand is poised to reach 10 million barrels of oil per day (MMbopd) by 2040 -- up from 3.8 MMbopd last year -- as domestic energy consumption looked set for strong growth over the next 25 years, boosted by rising incomes and population as well as increased urbanization and industrialization, the International Energy Agency (IEA) commented Friday on its launch of the "India Energy Outlook 2015" report.
"India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and on the world stage; even so, its energy demand per capita in 2040 would still be 40 percent below the world average," the IEA said in the press release.
The South Asian nation's oil demand would increase by more than in any other country and such requirements would primarily be met by increased imports, particularly from the Middle East, raising India's oil import dependence to above 90 percent. The greater dependence on foreign oil supplies by India in 2040 -- compared to 71 percent of total net oil imports in 2012 estimated by the U.S. Energy Information Administration -- is a development that IEA noted requires "constant vigilance as to the implications for energy security."
"Oil use increases by 6 million bpd as new passenger vehicles are added to the stock and as LPG (liquefied petroleum gas) substitutes for fuelwood as a cooking fuel in households," the IEA said in its World Energy Outlook 2015 Factsheet.
The Paris-based agency added that domestically, India's oil production tails off to around 700,000 bopd by 2040 "as limited resources and relatively high costs constrain new oil projects."
Meanwhile, the country's natural gas production is forecast to rise to 3.18 trillion cubic feet (Tcf) or 90 billion cubic meters (bcm) in 2040, with the supply deficit to be met by increasing imports, mainly liquefied natural gas (LNG).
Speaking at the launch of the IEA report, India's Minister for Petroleum & Natural Gas Dharmendra Pradhan promised policy interventions to enhance the investment appeal of the local oil and gas sector.
"We are keen to make India's oil and gas sector fair, transparent and attractive for domestic and foreign investors through appropriate policy, regulatory and fiscal interventions," he said, as quoted by local daily The Economic Times, adding that "in line with the vision of Prime Minister (Narendra Modi), we want to cut down India's import dependence for domestic energy needs by 10 percent in the next 6-7 years."
India Energy Outlook 2015 - World Energy Outlook Special Report
http://www.worldenergyoutlook.org/india/
Unless they’re ‘carbon shamed’ at the u.n. circle, uh, festivities in gay paris this week.
Read the headline too quickly and wondered what IKEA has to do with oil
Not so much an “oil” demand, as a total energy demand.
Indian is deep into the construction of thorium-powered molten salt nuclear reactor power plants, which show great promise of being a far more flexible and certain energy source than petroleum, natural gas, coal, any and all kinds of “renewable” alternative energy sources, and even uranium-fueled light-water nuclear power plants.
I sincerely hope they get these plants up and running, and license the technology out to every other country in the world that can afford it, and is willing to grow their own energy sources close at hand.
And one of the best things about these thorium-fueled plants? You cannot weaponize the nuclear “waste” from this technology.
That is also the biggest disadvantage in the eyes of most detractors of the technology.
No, it is a major increase in oil demand, not just total energy. Actual oil use is expected to increase by 163%.
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