About Oil and Gas Industry in India
The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. After that The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Gujarat. In other words As on 31 March 2018, India had estimated crude oil reserves of 594.49 million tonnes (MT) and natural gas reserves of 1339.57 billion cubic meters (BCM).
In addition India imports 82% of its oil needs and aims to bring that down to 67% by 2022 by replacing it with local exploration, renewable energy and indigenous ethanol fuel. Furthermore India was the third top net crude oil (including crude oil products) importer of 205.3 Mt in 2018.
In addition The natural gas industry in India began in 1889 with the discovery of gas fields in Assam and Gujarat.
After that The estimated reserves of natural gas in India as on 31 March 2018 was 1,339.57 billion cubic meters (BCM), increasing by 3.87% from the previous year. In other words The largest reserves of natural gas are located in the Eastern Offshore (38.13%). In addition the Western Offshore (23.33%).
Strategic petroleum reserves
In addition Building petroleum reserves like underground tank storage, above-ground tank storage, and fully developed . However ready-to-exploit in situ reserves is a lucrative proposition for a oil-importing country. For instance India as the oil exporters charge exorbitant prices when the oil demand is little more than supply. In other words The Indian Strategic Petroleum Reserve (SPR) is an emergency fuel store of total 5 MMT (million metric tons) or 31.5 MMbbl of strategic crude oil enough to provide 10 days of consumption. However which are maintained by the Indian Strategic Petroleum Reserves Limited.
Strategic crude oil storages are at 3 underground locations in Mangalore, Visakhapatnam and Padur with ready access to the refineries on the east and west coasts. Another method to build up strategic petroleum reserve at low cost is to develop a proven oil field for higher oil extraction rate and keeping it reserved for full production on an intermittent basis when the global oil price cross the set upper limit.
Two more SPRs will add strategic petroleum reserves of 12 days. In addition to 10 days of reserves achieved in Phase I. These SPRs under Phase II will be located at Chandikhol in Odisha and Padur in Karnataka. This is very close to the storage of 90 days mandated by IEA for member countries. The total storage figure is excluding the storage capacity of petroleum products with the marketing agencies and bulk consumers.
Openings @ Oil and Gas Company
- Facility Manager
Interested candidates can send their resume at firstname.lastname@example.org .
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