Demand to exploration: Key warning signals for India's gas industry in 2023

Consumers will be in trouble, given rising European demand from India's traditional suppliers, the absence of gas storage facilities and the lack of a clear LNG procurement strategy

It would be an understatement to say India is in trouble this year if liquefied natural gas (LNG) prices seesaw wildly between $10 per million British thermal units (mBtu) and $50 per mBtu, as they did in 2022. And, unlike oil, where the country has a cheap supply source in Russia, and other affordable sources in West Asia, there is none to supply the liquefied fuel to India at rates that consumers can afford. Yet India’s fertiliser and domestic city gas businesses are heavily dependent on natural gas supplies, and India’s 2070 net-zero climate change target is contingent on increasing