Does your jurisdiction have an established upstream oil and gas industry? What are the current production levels and what are the oil and gas reserve levels?
India has a well-established upstream oil and gas industry with both state owned and private companies engaged in the sector as operators of oil and gas blocks.
As per the provisional data published in the Indian Petroleum & Natural Gas Statistics 2021- 22 issued by the Government of India: crude oil production was about 29.69 million metric tonnes and the natural gas production of the country was about 34.02 billion cubic meters; and the country had balance recoverable reserves of about 651.77 million metric tonnes of crude oil and about 1,138.67 billion cubic meters of natural gas.
Please click here to read the full article by Venkatesh Raman Prasad, Sweta Singh, and Ayan Sinha, published in Legal 500 global guide.
Ayan is a member of the Corporate Commercial practice. He has experience in advising on Oil & Gas and Renewable Energy project development.