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SUPPLY
India produces most of its oil from the Mumbai (Bombay)
High area offshore on the west. Other production arises from onshore
fields in the Cambay region north of Mumbai, offshore fields in the
southeast, and a series of old onshore fields in the Assam region north
of Myanmar.
All these areas are mature and oil output has been at plateau since
1996. Onshore oil began to decline in 2002 but will recover in 2009 as
new output is established from a series of fileds found in Rajasthan
state. Offshore oil increased from 2002 due primarily to remedial work
on the Mumbai High field but a plateau is expected for the next decade
with new fields on the east just offsetting decline in the west.
Gas production primarily comes from the Mumbai High region and most
fields here are at peak, however new very large deep water discoveries
on the east are leading to steadily growing gas output.
DEMAND
 The
Indian economy is expanding rapidly and oil consumption is increasing,
although not quite as fast as in China. Consumption growth will probably
eventually be held back after 2016 by high prices and a growing import
bill as indigenous oil output declines.
Gas demand is also growing. Although major new developments are planned
in deep waters on the east of the country, India has also begun to
import gas as LNG and may, in the long term, tap gas by pipeline from
Myanmar or Pakistan.
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