Currently, global Oil & Gas sector is going through a massive disruption due to the impact of COVID-19. Global Oil & LNG demand is expected to decline in coming months as COVID-19 spreads around the world, constricting travel and broader economic activity. The short-term outlook for the oil and gas market will ultimately depend on how quickly governments move to contain the coronavirus outbreak, how successful their efforts are, and what lingering impact the global health crisis has on economic activity.
Oil and gas sector is among the eight core industries in India and plays a major role in influencing decision making for all the other important sections of the economy.
India’s economic growth is closely related to its energy demand, therefore, the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment.
The Government has adopted several policies to fulfil the increasing demand. It has allowed 100 per cent Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products and refineries among others.
To discuss about the current scenario in Oil and Gas sector, IOD is organizing a Webinar on "Directors' Direction for Sustainability amid Pandemic" on Thursday, 8 October 2020 at 03:00 PM onward to provide an assessment of the impact of Covid-19 on the Oil and Gas sector in the country.