According to a government estimate, India may face shortage of natural gas to the tune of 155 million cubic metre per day during the 12th Five Year Plan period (2012-17).
This is expected to rise to 225 million cubic metre per day in the 13th Five Year Plan. According to a report by an international research agency, India accounts for 11 percent of gas consumption in the world and it is the 13th largest gas consumer across the globe.
India is the fourth largest energy consuming nation in the world accounting for 559 million tonne oil equivalent, but one-fifth in terms of global volume.
Meanwhile, Sudhir Vasudeva, Chairman and Managing Director of ONGC remarked that the firm was doing everything to meet the country's energy needs.
He remarked that despite the company contributing 71 percent to the total domestic oil production and 54 percent of gas production, India is still needing to import 75 percent of its oil and 25 percent of its gas requirement.
As part of its efforts to meet the growing requirement of crude oil in India, ONGC, through its overseas arm - ONGC Videsh (OVL), plans to acquire a 20 percent stake in Rovuma basin in Mozambique.