Rising local gas output, high LNG prices to hit Indian LNG imports: Fitch
India’s LNG imports during the first half of FY2023 (April 2022-March 2023) are likely to be lower due to rising domestic gas production and high global LNG prices, Fitch Ratings said in a note published on January 24.
“We believe rising domestic production and higher liquefied natural gas spot prices are likely to weigh on LNG imports through to 1HFY23. However, LNG imports should rise steadily over the medium-term as consumption picks up pace,” it said.
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India’s gas production has been trending higher as new projects have come online. The country’s gas output increased by 22% year/year in April-December 2021, according to the latest government data. Fitch expects the momentum to continue over the next 12-18 months, driven by expanded production at new fields, before stabilising in FY2023.
India's LNG imports have already been under pressure in FY2022. During April-December 2021, its LNG imports were 24.46bn m3, down 2.8% yr/yr.