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With more than 1 billion people each, China and India have experienced rapid economic growth in recent decades – on an unprecedented scale in economic history – credited to their policies of reform and economic openness. Moving gradually from state-planned agricultural economies into global manufacturing and services powerhouses has helped China and India reduce poverty. The strong expansion of the Chinese and Indian economies over the last decade leaves no doubt about their impact globally.

After economic reforms, when India entered the global energy market, it encountered an important competitor, the People’s Republic of China (PRC), one of the fastest-growing economies in the world, and a rising military power with a vast appetite for oil and other raw materials—and the financial resources to satisfy that appetite. China is already well ahead of India in the search for new energy sources. Since 2000, China National Petroleum Corporation (CNPC) has invested United States Dollars (USD) $45 billion in this search, while India’s Oil and Natural Gas Corporation Limited (ONGC) has invested just USD $3.5 billion. The vast foreign-exchange reserves available to China’s state-owned oil firms have enabled them to undercut India’s efforts to obtain oil beds. Furthermore, as recent events underscore, the Sino-Indian competition for new energy sources in Central Asia is well underway.

China and India are the world’s leading energy consumers, having very similar patterns of energy mix, with a high reliance on coal. Both economies are also heavily dependent on foreign oil. However, China’s biomass consumption is about 50% of that of India. In India, there are focused programs for promoting renewable energy. At present, renewable energy comprises about 5% of the energy mix. These include programs for the rural sector, solar energy, power generation, and so on. The Ministry of Non-Conventional Energy Sources (MNES) has set a goal of installing 10% of additional power generation capacity in the country through grid-connected renewable power by 2012.

With a population of over 2.5 billion and booming economic growth, China and India are going to play an increasingly important role in global economic matters and energy markets. Both of these countries are heavily dependent on oil, mostly due to the advance of the transportation sector in the developing countries of the region. Though China and India are rich in coal reserves, the quality of coal is not good and there are restrictions on coal use due to environmental considerations. In terms of oil production developments, these two neighbors suffer from natural depletion and lack of investment in the exploration and production sectors. China has the largest oil reserves in the region, but Chinese production capacity has seen very limited growth. The heavy dependence on oil from the Middle East has led to these countries paying premium for a long time. Growing energy demand in the region could also heighten competition for imports in the regional market. Regional geopolitical and external production challenges can also exert pressures on future energy supplies in these Asian giants.

Executive Summary 6
Global Energy Market 7
Current Demand and Supply 7
Future Energy Outlook 10
Issues Concerning Energy Markets 11
Global Warming and Climate Change 11
Supply Shortfall of Oil 12
Rising Oil Prices 13
Energy Security 13
Role of China and India 14
China’s Energy Industry 17
Economic Overview 17
Role of Energy in the Chinese Economy 18
Historical Background 18
Structure of Chinese Energy Industry 20
China’s Energy Production and Consumption 21
Energy Reserves in China 23
Export and Imports Scenario 24
Future of China’s Energy 24
China’s Market Segments 27
Coal 27
Oil 28
Natural Gas 30
Nuclear Power 31
Electricity 33
Renewable Energy 34
Factors Affecting China’s Energy Industry 36
Growth Drivers 36
Population Growth and Urbanization 36
Growth Spurred by Industrial Growth 36
Economic Reforms in China 37
Petroleum Consumption in Transportation 37
Barriers and Challenges 38
Global Rise in Oil Prices 38
Growing Pollution 39
Insecurities in the Oil Imports 40
Shortage of Energy Supply 40
International Clash of Interests with United States 41
Competition in the Market 41
Role of the Government 42
India’s Energy Industry 44
Economic Overview 44
Role of Energy in Indian Economy 45
Historical Background 46
Structure of India’s Energy Industry 47
Indian Energy Production and Consumption 48
Energy Reserves in India 50
Export and Imports Scenario 51
Key Energy Segments in India 54
Coal 54
Oil and Gas 56
Electricity 58
Nuclear Power 59
Renewable Energy 60
Factors Affecting Indian Energy Industry 64
Market Drivers 64
Rising Population and Economic Growth 64
Renewable Energy Resources Development 64
Emergence of the Retail Gas User 64
Growth in City Gas Projects 65
Refined Fuel Subsidies 65
Barriers and Challenges 65
Coal Depletion and Pollution 65
Rising Oil Imports 66
Inefficient Electric Systems 66
Natural Gas Demands 66
Absence of Regulatory Framework in Upstream Industry 66
Liquefied Natural Gas (LNG) Pricing Structure 66
Limited Nuclear Energy 67
Socio-Political Influences 67
Competition in the Market 67
Government’s Participation 68
R&D and Foreign Participation 72
R&D in China’s Energy Industry 72
Coal Sector 72
Oil Sector 72
Natural Gas Sector 73
Nuclear Power 73
R&D in Indian Energy Industry 74
Clean Coal Technologies 76
Refurbishment of Existing Thermal Power Stations 77
FDI in Indian Energy Industry 77
Profiles of Major Players 79
Bharat Petroleum Corporation (BPCL) 79
China Coal Import and Export Group (ChinaCoal) 80
China National Nuclear Corporation (CNNC) 82
China National Offshore Oil Corporation (CNOOC) 83
Coal India Limited (CIL) 84
Gail India (GAIL) 86
Hindustan Petroleum Corporation Limited (HPCL) 87
Indian Oil Corporation Ltd. (IOC) 88
Oil and Natural Gas Corporation Limited (ONGC) 89
PetroChina Company Limited (PetroChina) 91
Reliance Energy Limited (REL) 92
Sinochem 93
Sinopec 94
China International United Petroleum & Chemicals Co. Ltd. (UNIPEC) 95
Appendix 97
Glossary 104

List of Figures
Figure 1: World Energy Consumption 7
Figure 2: World Energy Consumption by Fuel Type 8
Figure 3: World Proven Oil Reserves 9
Figure 4: World Natural Gas Reserves 10
Figure 5: Forecast - World Energy Consumption 11
Figure 6: World Oil Production versus World Oil Discoveries (billion bbl/year) 12
Figure 7: Oil Prices – NYMEX Light Sweet 13
Figure 8: Gross Domestic Product (GDP) Growth in Emerging Economies 15
Figure 9: China and India's Share of Global Energy Consumption 16
Figure 10: China’s Average Annual Real GDP Growth 17
Figure 11: China's Energy Consumption 22
Figure 12: China’s Energy Consumption by Fuel Type 23
Figure 13: China’s Energy Consumption Growth (2001-2020) 25
Figure 14: Energy Outlook for China 26
Figure 15: China Coal Production and Consumption 27
Figure 16: Coal Demand in China by Sector 28
Figure 17: China Oil Production and Consumption 29
Figure 18: Nuclear Power Consumption in China 32
Figure 19: Electricity Generation in China 33
Figure 20: China Electricity Demand by Sector 34
Figure 21: Industry Output as a Share of GDP 37
Figure 22: Transportation Growth in China 38
Figure 23: Per Capita Energy Consumption 46
Figure 24: India's Energy Consumption 49
Figure 25: India's Energy consumption by Fuel Type 50
Figure 26: Coal Reserves in India. 54
Figure 27: India's Coal Production and Consumption 55
Figure 28: India’s Oil Production and Consumption 56
Figure 29: India’s Natural Gas Production and Consumption 57
Figure 30: Growth in India’s Installed Generating Capacity 59
Figure 31: Installed Capacity of Wind Power in India 61
Figure 32: Solar Energy Production in India 62
Figure 33: Global Oil Demand 97
Figure 34: Map of Global Oil Demand 97
Figure 35: Global CO2 Emissions 98
Figure 36: Existing and Proposed Gas Lines in China and India 98
Figure 37: Map of Natural Gas Infrastructure in India 99
Figure 38: Vehicle Penetration in Leading Economies as an Income Function (Projections to 2030) 100
Figure 39: Electricity Prices for Households (USD $ per kWh - 2005) 100

List of Tables
Table 1: China's Proven Energy Reserves 24
Table 2: Forecast of China’s Energy Consumption by Fuel 26
Table 3: Nuclear Power Reactors Operating in China 32
Table 4: Fossil-fuel-related CO2 Emissions in China 39
Table 5: India’s Macro Economic Indicators 44
Table 6: Estimated Energy Reserves of India 50
Table 7: World’s Largest Oil and Gas Producers by Output (2005) 101
Table 8: Coal Reserves in India 102
Table 9: Common Energy Units 102
Table 10: Common Conversions 103