Q2 2014 should see some significant changes in the Indian oil and gas sector. Firstly, the government set gas price will double to US$8.4/mnBTU on April 1 creating greater incentive to invest in more costly and technically challenging gas resources. This will be supported by the opening of the NELP X licensing round, where India is due to offer 46 new blocks allowing companies to prospect for all types of hydrocarbon resources, including shale. However, also introduced for NELP X will be a change from profit sharing contracts to revenue sharing contracts. We believe this could dissuade interest from a number of major international oil companies, particularly at more technically challenging developments.

The main trends and developments we highlight for the Indian oil and gas sector are:

- India has launched its NELP X licensing round and is expected to receive regulatory approval from Cabinet Committee for 46 blocks by February 15 2014. All blocks to be offered in the licensing round will allow contractors to prospect for all types of hydrocarbons, whether it be conventional oil and gas,
shale or coal-bed methane.

Companies Mentioned

Oil & Natural Gas Corporation (ONGC)
Oil India Ltd (OIL)
Indian Oil Corporation (IOC)
Reliance Industries
Hindustan Petroleum Corporation (HPCL)
Bharat Petroleum Corporation Ltd (BPCL)
Gas Authority of India (GAIL)
Cairn India
Essar Oil
Gujarat State Petroleum Corporation
Petronet LNG

Table of Contents
BMI Industry View7
SWOT9
Industry Forecast11
Oil And Gas Reserves11
Table: India Proven Oil & Gas Reserves And Total Hydrocarbons Data, 2012-201711
Table: India Proven Oil & Gas Reserves And Total Hydrocarbons Data, 2018-202313
Oil Supply And Demand17
Table: India Oil Production And Net Exports, 2012-201717
Table: India Oil Production And Net Exports, 2018-202318
Gas Supply And Demand23
Table: India Gas Production, Consumption And Net Exports, 2012-201723
Table: India Gas Production, Consumption And Net Exports, 2018-202324
Table: India's Shale Rich Basins28
Table: LNG Supply Deals33
Refining And Oil Products Trade34
Table: India Refining - Production And Consumption, 2012-201734
Table: India Refining - Production And Consumption, 2018-202335
Industry Risk Reward Ratings37
Asia - Risk/Reward Ratings37
Table: Asia's Oil & Gas Risk/Rewards Ratings38
The Upstream Leaders38
Resource-Rich Countries Hit By State Involvement40
Table: Asia Upstream Sector Risk/Reward Ratings42
Downstream Support42
Table: Asia O&G Downstream Risk/Reward Ratings46
India - Risk/Reward Ratings47
India Upstream Rating - Overview47
India Upstream Rating - Rewards47
India Upstream Rating - Risks47
India Downstream Rating - Overview48
Market Overview49
India Energy Market Overview49
Overview/State Role50
Licensing, Regulation And Taxes50
Licensing Rounds51
Table: Shale Gas Resource Potential52
Government Policy55
International Energy Relations57
Table: Major Upstream Gas Projects58
India Oil & Gas Infrastructure59
Oil Refineries59
Table: Operational Indian Refineries60
Table: Other Outlined Refinery Expansion And Modernisation Projects62
Oil Storage Facilities62
Service Stations63
Oil Pipelines63
LNG Terminals63
Table: LNG Terminals In India64
Gas Storage Facilities65
Gas Pipelines65
Table: Pipelines Outlined Under The 12th Five-Year Plan66
Competitive Landscape69
Competitive Landscape Summary69
Table: Key Players - India Oil And Gas Sector70
Table: Key Upstream Players71
Table: Key Downstream Players71
Company Profile72
Oil & Natural Gas Corporation (ONGC)72
Oil India Ltd (OIL)79
Indian Oil Corporation (IOC)84
Reliance Industries88
Hindustan Petroleum Corporation (HPCL)95
Bharat Petroleum Corporation Ltd (BPCL)100
Gas Authority of India (GAIL)105
Cairn India111
Essar Oil116
Gujarat State Petroleum Corporation121
Petronet LNG125
Other Summaries128
Regional Overview134
Asia Overview134
Gas Is Hot134
Locking Eyes On Gas Production137
Australia's LNG Roadblocks Open Up New Opportunities Elsewhere138
Asia Fights Against LNG Prices140
Seeking An Unconventional Rescue143
Coalbed Methane: Underrated Potential146
Refining Woes146
Global Industry Overview150
Appendix157
Asia - Regional Appendix157
Table: Oil Consumption - Historical Data & Forecasts, 2011-2018 ('000b/d)157
Table: Oil Consumption - Long-Term Forecasts, 2015-2022 ('000b/d)158
Table: Oil Production - Historical Data & Forecasts, 2011-2018 ('000b/d)158
Table: Oil Production - Long-Term Forecasts, 2015-2022 ('000b/d)159
Table: Refining Capacity - Historical Data & Forecasts, 2011-2018 ('000b/d)160
Table: Refining Capacity - Long-Term Forecasts, 2015-2022 ('000b/d)160
Table: Gas Production - Historical Data & Forecasts, 2011-2018 (bcm)161
Table: Gas Production - Long-Term Forecasts, 2015-2022 (bcm)162
Table: Gas Consumption - Historical Data & Forecasts, 2011-2018 (bcm)163
Table: Gas Consumption - Long-Term Forecasts, 2015-2022 (bcm)163
Table: LNG Exports - Historical Data & Forecasts, 2011-2018 (bcm)164
Table: Net LNG Exports - Long-Term Forecasts, 2015-2022 (bcm)165
India - Refined Products Breakdown, 10-Year Forecasts166
Table: India Refined Petroleum Products, Production Breakdown 2012-2017166
Table: India Refined Petroleum Products, Production Breakdown 2018-2023167
Table: India Refined Petroleum Products, Consumption Breakdown 2012-2017168
Table: India Refined Petroleum Products, Consumption Breakdown 2018-2023169
Table: India Refined Petroleum Products, Net Exports Breakdown 2012-2017170
Table: India Refined Petroleum Products, Net Exports Breakdown 2018-2023171
Glossary173
Table: Glossary Of Terms173
Methodology175
Industry Forecast Methodology175
Source177
Risk/Reward Ratings Methodology177
Table: Bmi's Oil & Gas Upstream Risk/Reward Ratings179
Table: Weighting181