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SUPPLY
Major oil
production in South Asia comes from offshore India, an area which has
seen considerable investment since 1999. Growth is expected until 2010
but declines within the old Mumbai High field will then surpass new oil
from additional field developments on the west and east coast. However,
increases in onshore production are also forecast over the short term
from India.
Gas production is more evenly spread across the region and output is
expected to be maintained or increased both offshore and onshore in all
producing countries, especially from new fields located in the deep
waters of eastern India.
DEMAND
Like China, India has seen exceptional economic growth
and oil consumption has substantially increased as a result. There is
little sign that the European and North American recession or high
prices has more than briefly slowed this expansion. Increasing
consumption is forcing oil import needs rapidly higher, probably only
slowing after high prices finally quell demand in 2016.
Gas consumption is also increasing, as new fields are developed in many
regions. Until recently there was no cross-border gas trade in the
region but India is beginning to import LNG, even after producing its
deep water gas.
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