India's Imported Natural Gas Dependency Rises in FY24

• 29 Mar 2024

India's reliance on imported natural gas increases to 46.1% in FY24 from 43.9% in FY23 amid lower international prices.

• Increase from 43.9% in FY23 attributed to lower international prices.
• Pandemic and Ukraine war impact natural gas consumption and imports.
• FY24 sees competitive natural gas prices, leading to increased consumption and imports.
• Domestic natural gas production grows 6% to 32.65 bcm in April-February FY24.
• Despite production growth, imports rise 17.6% to 27.93 bcm.
• Total natural gas consumption up 11% year-on-year to 60.58 bcm in 11 months to February FY24.
• Despite higher import volumes, value of LNG imports declines to $12 billion from $15.9 billion.
• India's reliance on imported natural gas expected to be around 45% till FY26.
• Government pushes for natural gas consumption due to environmental benefits and cost advantages.
• Natural gas seen as key transition fuel towards green energy in India's future energy mix.