The oil and gas industry is broken down into three segments: upstream, midstream, and downstream.
The upstream Industry: This sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface. The upstream is sometimes known as the exploration and production (E&P) sector.
The midstream Industry: It processes, stores, markets, and transports commodities, such as crude oil, natural gas, natural gas liquids (NGLs, mainly ethane, propane, and butane), and sulphur. The midstream provides the vital link between the far-flung petroleum-producing areas and the population centers where most consumers are located. The downstream Industry: This includes oil refineries, petrochemical plants, petroleum products distributors, retail outlets, and natural gas distribution companies.
The oil and gas sector plays a vital role in influencing decision-making for all the other important sections of the economy as it is among the eight core industries in India.
The need for oil and gas is projected to grow more shortly, thereby making the sector quite conducive for investment. To fulfill the increasing demand, the government of India has adopted several policies. The government has allowed 100 percent Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries, among others.
The report states that India had 4.5 thousand million barrels of proven oil reserves at the end of 2018 and produced 39.5 million tons in 2018. As of 1 April 2019, India had a network of 10,419 km of crude pipeline having a capacity of 145.6 MMTPA.
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Price volatility, supply chain disruption, and the complex shift toward alternative energy sources
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