India is the world’s fourth-largest energy consumer in the world; oil and gas account for 37.3 per cent of total energy consumption. Buoyant economic growth is the main factor driving the country’s energy requirements.India has 5.6 billion barrels of proven oil reserves, with an average oil production of 0.8 million barrels per day (MPBD). Oil consumption is estimated to expand at a compounded annual growth rate (CAGR) of 3.4% during FY2008-16 to 4 MPBD by 2016. India has 1,330 billion cubic meters (BCM) of gas reserves and produced 47.6 BCM of gas in 2012.The Government of India has enacted various policies, such as the New Exploration Licensing Policy (NELP) and Coal Bed Methane (CBM) policy, to encourage investments across the industry’s value chain. 100% FDI is allowed in the exploration and production (E&P) projects/ companies; and 49% is allowed in refining.Liquefied natural gas (LNG) imports have increased significantly; offering huge opportunities for LNG terminal operation, engineering, procurement and construction services. ONGC has also started awarding marginal oil fields through a service contract which has further increased private sector participation in this sector.