India’s LNG imports soared by 37.5% in February 2024 compared to the previous year, reaching 2,522 MMSCM, as reported by PPAC. Anticipating further growth, S&P forecasts a 7-8% increase in 2024. India aims to elevate LNG import capacity to raise natural gas’s share in the energy mix to 15% by 2030, reducing reliance on coal and oil. February saw an 11.1% rise in gas production, totaling 2,947 MMSCM, while consumption reached 5,650 MMSCM. Efforts to bolster domestic production resulted in a 22.5% increase in available gas for sale. India aims to decrease LNG reliance to 45% by FY26, spurred by increased domestic production, adding 30 MMSCM per day over three years.
India’s LNG Imports Surge, Aim to Boost Domestic Production
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