NEW DELHI: INDIA’s imports of liquefied natural gas (LNG) are up 37.5% in February 2023 over the corresponding period of the previous year, according to a monthly report by the Petroleum Planning Analysis and Cell (PPAC). The total LNG import in February 2024 was 2,522 million standard cubic meters (MMSCM) against last February’s 1,834 MMSCM.
According to an S& P report, India is anticipating an upswing in LNG imports in 2024, with projections suggesting a substantial 7-8% year-on-year increase.
“Total imports of LNG (provisional) during the month of February 2024 was 2,522 MMSCM (an increase of 37.5 % over the corresponding month of the previous year),” reads the report.
India is trying to increase its LNG import capacity to lift the share of natural gas in its energy mix to 15% by 2030 from the current level of 7%. The move is to lower the dependence on dirtier fossil fuels such as coal and oil.
India’s gas production in February was up 11.1% from the same month in 2023, at 2,947 MMSCM. The total consumption in February this year was 5,650 MMSCM (provisional). Major consuming sectors were Fertilizer (28%), City Gas Distribution (20%), Power (12%), Refinery (10%) and Petrochemicals (4%).
The total natural gas available for sale during February 2024 was 4935 MMSCM (an increase of 22.5% over the corresponding month of the previous year).
Meanwhile, India is also trying to cut down its import and increase production. According to a report by CareEdge Ratings, India’s reliance on imported liquefied natural gas (LNG) is projected to decrease to around 45% by FY26, down from 53% in FY21. This change is attributed to an increase in domestic natural gas production, with nearly 30 MMSCM per day of new production added over the past three years.