1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 11
2 India Energy Sector 12
2.1 India Energy Sector, Market Overview 12
2.2 India Energy Sector, Crude Oil 13
2.2.1 India Crude Oil, Overview 13
2.2.2 India Crude Oil, Supply and Demand Balance 13
2.2.3 India Crude Oil, Regulatory Structure 20
2.2.4 India Crude Oil, Infrastructure 21
3 India Fiscal Regime 23
3.1 India Petroleum Fiscal Environment 23
3.2 License Terms 24
3.3 Key Fiscal Terms 25
3.4 Sample Cashflows Calculations 29
4 India Oil Upstream Investment Environment Benchmarking 30
4.1 Introduction 30
4.2 The Overall Ranking 30
4.3 Upstream Fiscal Attractiveness 30
4.3.1 Maximum Government Take Index 32
4.3.2 Maximum State Participation 32
4.4 Oil Sector Performance 32
4.4.1 Exploration Activity 35
4.4.2 Oil Production 36
4.4.3 Oil Reserves 36
4.4.4 Oil Consumption 36
4.4.5 Refining Industry 37
4.5 Economic Performance 37
4.5.1 GDP Growth Index 39
4.5.2 FDI Confidence Index 39
4.5.3 Balance of Trade Index 39
4.6 Socio-Political Performance 39
4.6.1 Democracy Index 41
4.6.2 Governance Index 41
5 India Exploration and Production Sector 42
5.1 India Exploration and Production Sector, Country Snapshot 42
5.1.1 India Exploration and Production Sector, Key Data 42
5.1.2 India Exploration and Production Sector, Crude Oil Assets Map 42
5.2 India Exploration and Production Sector, Gross Crude Oil Production 43
5.2.1 India Exploration and Production Sector, Gross Crude Oil-Historical Production 43
5.2.2 India Exploration and Production Sector, Gross Crude Oil Production by Assets 44
5.2.3 India Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 45
5.2.4 India Exploration and Production Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 47
5.3 India Exploration and Production Sector, Gross Crude Oil Forecasts 48
5.3.1 India Exploration and Production Sector, Gross Crude Oil Forecasted Production 48
5.4 India Exploration And Production Sector, Crude Oil Asset Details 49
5.4.1 India Exploration And Production Sector, Active Crude Oil Asset Details 49
5.4.2 India Exploration And Production Sector, Planned Crude Oil Asset Details 49
6 India Pipeline Sector 50
6.1 India Pipeline Sector, Key Data 50
6.2 India Pipeline Sector, An Overview 50
6.3 India Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 50
6.4 India Pipeline Sector, Comparison of Key Petroleum Product Pipeline Companies 51
6.5 India Pipeline Sector, Crude Oil Pipelines 53
6.6 India Pipeline Sector, Petroleum Product Pipelines 54
7 India Refining Sector 57
7.1 India Refining Sector, Key Data 57
7.2 India Refining Sector, An Overview 57
7.2.1 India Refining Sector, Total Refining Capacity 57
7.3 India Refining Sector, Capacity- Wise Market Share by Company 58
7.4 India Refining Sector, Crude Distillation Unit Capacity 61
7.5 India Refining Sector, Coking Capacity 63
7.6 India Refining Sector, Fluid Catalytic Cracking Capacity 64
7.7 India Refining Sector, Hydrocracking Capacity 65
8 India Oil and Chemicals Storage Sector 66
8.1 India Oil and Chemicals Storage Sector, Key Data 66
8.2 India Oil and Chemicals Storage Oil Sector, An Overview 66
8.2.1 India Oil and Chemicals Storage Oil Sector, Total Storage Capacity 66
8.3 India Oil and Chemicals Storage Oil Sector, Capacity- Wise Market Share By Company 67
8.4 India Oil and Chemicals Storage Sector, Storage Capacity 69
9 Profile of Reliance Industries Limited 72
9.1 Reliance Industries Limited, Key Information 72
9.2 Reliance Industries Limited, Company Overview 72
9.3 Reliance Industries Limited, Business Description 72
9.3.1 Reliance Industries Limited, Business Description, Business Overview 72
9.3.2 Reliance Industries Limited, Business Description, Others 73
9.3.3 Reliance Industries Limited, Business Description, Petrochemicals 74
9.3.4 Reliance Industries Limited, Business Description, Refining 75
9.3.5 Reliance Industries Limited, Business Description, Major Products and Services 77
10 Profile of India Oil Corporation Limited 80
10.1 India Oil Corporation Limited, Key Information 80
10.2 India Oil Corporation Limited, Company Overview 80
10.3 India Oil Corporation Limited, Business Description 80
10.3.1 India Oil Corporation Limited, Business Description, Business Overview 80
10.3.2 India Oil Corporation Limited, Business Description, Other Businesses 81
10.3.3 India Oil Corporation Limited, Business Description, Petroleum Products 82
10.3.4 India Oil Corporation Limited, Business Description, Major Products and Services 83
10.4 India Oil Corporation Limited, Value Chain Analysis 86
10.4.1 India Oil Corporation Limited, Value Chain Analysis, Upstream 86
10.4.2 India Oil Corporation Limited, Value Chain Analysis, Midstream 87
10.4.3 India Oil Corporation Limited, Value Chain Analysis, Downstream 88
10.4.4 India Oil Corporation Limited, Value Chain Analysis, Retail 88
10.5 India Oil Corporation Limited, SWOT Analysis 89
10.5.1 India Oil Corporation Limited, SWOT Analysis, Overview 89
10.5.2 India Oil Corporation Limited, SWOT Analysis, Strengths 90
10.5.3 India Oil Corporation Limited, SWOT Analysis, Weaknesses 91
10.5.4 India Oil Corporation Limited, SWOT Analysis, Opportunities 92
10.5.5 India Oil Corporation Limited, SWOT Analysis, Threats 93
10.6 India Oil Corporation Limited, Revenue Analysis 94
10.6.1 India Oil Corporation Limited, Revenue by Segment 94
10.7 India Oil Corporation Limited, Financial and Operational Review 96
10.7.1 Financial Statements 96
10.7.2 Financial Ratios 97
11 Profile of Marubeni Corporation 98
11.1 Marubeni Corporation, Key Information 98
11.2 Marubeni Corporation, Company Overview 98
11.3 Marubeni Corporation, Business Description 98
11.3.1 Marubeni Corporation, Business Description, Business Overview 98
11.3.2 Marubeni Corporation, Business Description, Major Products and Services 100
11.4 Marubeni Corporation, SWOT Analysis 102
11.4.1 Marubeni Corporation, SWOT Analysis, Overview 102
11.4.2 Marubeni Corporation Strengths 103
11.4.3 Marubeni Corporation Weaknesses 104
11.4.4 Marubeni Corporation Opportunities 104
11.4.5 Marubeni Corporation Threats 105
12 Financial Deals Landscape 107
12.1 Detailed Deal Summary 107
12.1.1 Merger 107
12.1.2 Acquisition 109
12.1.3 Private Equity 117
12.1.4 Equity Offerings 118
12.1.5 Debt Offerings 124
12.1.6 Partnerships 128
12.1.7 Asset Transactions 131
13 Recent Developments 141
13.1 License Rounds 141
13.1.1 Mar 30, 2009: India To Launch Eighth Round Of Bidding For Oil Blocks In Two Phases 141
13.1.2 Mar 25, 2009: India To Auction 100 Blocks In Second Phase Of NELP VIII 142
13.2 License Awards 143
13.2.1 Mar 25, 2009: ONGC Applies Extension For Re-Grant Of L-II PEL License In Tamil Nadu, India 143
13.2.2 Mar 17, 2009: Oil India Receives PEL For KG-ONN-2004/1 Block In Krishna-Godavari Basin, India 143
13.3 Strategy and Business Expansion 144
13.3.1 Mar 26, 2009: GAIL To Spin Off Its Marketing Business Into Separate Firm 144
13.3.2 Mar 10, 2009: IOC To Increase Capacity Of Haldia Refinery By December 2009 144
13.3.3 Mar 03, 2009: RIL, GAIL, Cairn India And IOC Bid For Supplying CNG And Piped Natural Gas To Six Towns 145
13.4 Recent Discoveries 145
13.4.1 Feb 23, 2009: Oil India Discovers Oil At Mechaki-2 Well In Assam, India 145
13.4.2 Feb 23, 2009: ONGC Discovers Oil At KG-DWN-98/2 Block, India 146
13.5 Drilling and Production Updates 147
13.5.1 Apr 01, 2009: Cairn India To Commence Oil Production In Q3 2009 147
13.5.2 Mar 30, 2009: RIL Halts Crude Oil Production At KG-D6 Block For 45 Days 148
13.5.3 Mar 24, 2009: Focus Energy To Abandon SSF-2 Well At Block RJ-ON/6 In Rajasthan Basin, India 148
13.5.4 Mar 20, 2009: Hindustan Oil Exploration Plans To Drill PY-3 Field In Bay Of Bengal Block, India 149
13.5.5 Mar 19, 2009: RIL Plans To Drill Gujarat Saurashtra Block GS-OSN-2000/1 In India 150
13.5.6 Mar 16, 2009: ONGC To Explore Oil Resources In Rajasthan’s Hadauti Area, India 151
13.5.7 Mar 12, 2009: RIL Restarts Oil Production From KG-D6 Block In India 151
13.6 Financial Announcements 152
13.6.1 Feb 26, 2009: Gujarat Gas Company Declares 2008 Results 152
13.6.2 Jan 31, 2009: Assam Company Posts Total Income Of INR1.9 Billion For Full Year 2008 152
13.6.3 Jan 30, 2009: Gulf Oil Reports Nine Months Ended 2008 Results 153
13.6.4 Jan 30, 2009: Aban Offshore Declares Q3 Fiscal 2008/09 Results 155
13.6.5 Jan 30, 2009: IOC Declares Q3 Fiscal 2008 Results 155
13.7 Other Significant Developments 156
13.7.1 Mar 31, 2009: HPCL And ONGC To Purchase Initial Oil From Cairn India’s Rajasthan Block 156
13.7.2 Mar 31, 2009: RIL To Supply Gas From KG Basin To Power Projects 157
13.7.3 Mar 30, 2009: Maytas Infra Concludes Gas Pipeline Project For GSPL 159
13.7.4 Mar 29, 2009: Gujarat State Petroleum Completes 3D Seismic Programme At Hazira Field In Gujarat, India 159
13.7.5 Mar 28, 2009: IOC Signs MoU With Indian Government To Commission INR300 Billion Projects For 2009-10 160
13.7.6 Mar 28, 2009: IOC Receives Approval To Set Up INR30 Billion Coker Plant At Haldia In India 160
13.7.7 Mar 24, 2009: MRPL To Buy Oil From Cairn India’s Rajasthan Fields 161
13.7.8 Mar 24, 2009: RIL To Start Production From KG Basin From April 2009 162
13.7.9 Mar 24, 2009: India’s Dabhol LNG Terminal To Begin Operations In April 2009, Says GAIL 163
14 Appendix 164
14.1 Methodology 164
14.1.1 Coverage 165
14.1.2 Secondary Research 166
14.1.3 Primary Research 166
14.1.4 E&P Forecasts 166
14.1.5 Midstream Forecasts 168
14.1.6 Expert Panel Validation 168
14.2 Contact Us 168
14.3 About GlobalData 168
14.4 Disclaimer 169
1.1 List of Tables
Table 1: India, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 14
Table 2: India, Historical and Forecasted Imports of Crude Oil, 1996-2020 17
Table 3: India, Historical Reserves of Crude Oil, 1996-2008 19
Table 4: India, Crude Oil and Natural Gas, Onshore and Offshore Royalty Rates, 2008 25
Table 5: India, Crude Oil and Natural Gas, Rental Rates, 2008 25
Table 6: India, Crude Oil and Natural Gas, Profit Oil/Gas, 2007 26
Table 7: India, Crude Oil and Natural Gas, Fixed Assets Depreciation Rates, 2007 27
Table 8: Withholding Tax Rate, 2008 28
Table 9: South Asia, Investment Benchmarking, Overall Country Rankings, April 2008 30
Table 10: South Asia, Investment Benchmarking, Upstream Fiscal Attractiveness, April 2008 31
Table 11: South Asia, Investment Benchmarking, Oil Sector Performance, April 2008 33
Table 12: South Asia, Investment Benchmarking, Economic Performance, April 2008 37
Table 13: South Asia, Country Standings, Economic Performance, April 2008 38
Table 14: South Asia, Investment Benchmarking, Socio-Political Performance, April 2008 40
Table 15: South Asia, Country Standings, Socio-Political Performance, April 2008 40
Table 16: India, Crude Oil Key Statistics, 2008 42
Table 17: India, Total Gross Crude Oil Production (MMBBLs), 2001-2008 43
Table 18: India, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 44
Table 19: India, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 45
Table 20: India, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 47
Table 21: India, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 48
Table 22: India, Active Oil Field Assets Details 49
Table 23: India, Planned Oil Field Assets Details 49
Table 24: India, Pipeline Key Statistics, 2008 50
Table 25: India, Crude Oil Pipeline Length By Company (Km), 2008 50
Table 26: India, Petroleum Product Pipeline Length By Company (Km), 2008 51
Table 27: India Crude Oil Pipelines, 2008 53
Table 28: India, Petroleum Product Pipelines, 2008 54
Table 29: India, Petroleum Product Pipelines, 2008 (Contd.) 55
Table 30: India, Petroleum Product Pipelines, 2008 (Contd.) 56
Table 31: India, Refinery Key Statistics, 2008 57
Table 32: India, Total Refining Capacity (MMTPA), 2000- 2013 57
Table 33: India, Refining Capacity Company-wise (MMTPA), 2000-2013 58
Table 34: India, Crude Distillation Unit Capacity (MMTPA), 2000-2013 61
Table 35: India, Crude Distillation Unit Capacity (MMTPA), 2000-2013 (contd..) 62
Table 36: India, Coking Unit Capacity (MMTPA), 2000-2013 63
Table 37: India, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 64
Table 38: India, Hydrocracking Unit Capacity (MMTPA), 2000-2013 65
Table 39: India, Oil and Chemicals Storage Key Statistics, 2008 66
Table 40: India, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 66
Table 41: India, Oil and Chemicals Storage Capacity, Company-wise (Thousand M3), 2000-2013 67
Table 42: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 69
Table 43: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 (Contd.) 70
Table 44: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 (Contd.) 71
Table 45: Reliance Industries Limited, Key Facts 72
Table 46: Indian Oil Corporation Limited, Key Facts 80
Table 47: Indian Oil Corporation Limited, SWOT Analysis 90
Table 48: Indian Oil Corporation Limited, Revenue by Segment, INR Million, 2004-2008 95
Table 49: Indian Oil Corporation Limited, Financial Statements, INR Million, 2004-2008 96
Table 50: Indian Oil Corporation Limited, Financial Ratios, INR Million, 2004-2008 97
Table 51: Marubeni Corporation, Key Facts 98
Table 52: Marubeni Corporation, SWOT Analysis 103
Table 53: Reliance Industries And Reliance Petroleum Boards Approve Their Merger 107
Table 54: Reliance Industries To Acquire 5% Stake In Reliance Petroleum From Chevron 109
Table 55: HPCL To Increase Stake In Mangalore Refinery And Petrochemicals 110
Table 56: IFC To Acquire 5% Stake In GSPC Gas 111
Table 57: Oil and Natural Gas Corporation Sells 46% Stake In Kakinada Refinery & Petrochemicals To GMR 112
Table 58: ONGC, IOC, GAIL keen To Buy ADB Stake In Petronet 113
Table 59: Indian Oil Plans To Sell Its Stake In ONGC and Gail 115
Table 60: GVK Power Acquires GVK Energy 116
Table 61: Naftogaz India To Raise $120 Million 117
Table 62: Great Eastern Energy Files Prospectus For Its IPO 118
Table 63: Gulf Oil Corporation To Raise $100 Million 119
Table 64: Great Eastern Energy Plans For Secondary Offering 120
Table 65: Indus Gas Completes Initial Public Offering 121
Table 66: Cairn India Completes Private Placement Of $625 Million 122
Table 67: Reliance Industries Completes 10.75% Bond Offering For $104 Million 124
Table 68: Reliance Industries Completes 10.1% Bond Offering For $104 Million 125
Table 69: BPCL Completes Debt Offering Of $201 Million 126
Table 70: Reliance Industries Completes Debt Offering Of $199 Million 127
Table 71: Hindustan Petroleum Partners With Total, GAIL India, Oil India And Mittal Energy 128
Table 72: Cairn And ONGC Enter Into Partnership 129
Table 73: Shell Partners With Arrow Energy 130
Table 74: Indian Oil And Adani Energy To Acquire 50% Stake In LNG Terminal 131
Table 75: BG Group Receives Approval To Acquire Interest In Krishna Godavari And Mahanadi Basin Blocks From Oil and Natural Gas 132
Table 76: ONGC Acquires 30% Interst In Tarapur Block CB-ON/2 133
Table 77: Rocksource To Acquire 10% Equity Interest In CY DWN 2001/1 From ONGC 134
Table 78: Canoro Resources To Acquire 30% Interest In Two Exploration Production Sharing Contracts 135
Table 79: Punj Lloyd To Bid For Singapore’s LNG Terminal 136
Table 80: ONGC Acquires 30% Interest In CB-ON-7 137
Table 81: Indian Oil Corporation Plans To Acquire Land From Kolkata Port Trust 138
Table 82: Gujarat State Petroleum Corporation Rejects Hindustan Petroleum Corporation's Proposal For StakeIn Mundra LNG Terminal 139
Table 83: ONGC To Sell Its Stake In Block KG-DWN-98/2 To Petrobras International Braspetro And Hydro Oil and Energy India 140
1.2 List of Figures
Figure 1: India, Energy Sector break-up, 2008 12
Figure 2: India, Crude Oil Production And Consumption, Thousand Barrels Per Day, 1996-2020 15
Figure 3: India, Crude Oil Imports, Thousand Barrels Per Day, 1996-2020 18
Figure 4: India, Crude Oil Reserves, Million Barrels, 1996-2008 20
Figure 5: South Asia, Country Standings, Upstream Fiscal Attractiveness, April 2008 32
Figure 6: South Asia, Country Standings, Oil Sector Performance, by Reserves-Exploration & Production, April 2008 34
Figure 7: South Asia, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, April 2008 35
Figure 8: South Asia, Country Standings, Exploration Blocks Awarded, April 2008 36
Figure 9: South Asia, Country Standings, Economic Performance, April 2008 38
Figure 10: South Asia, Country Standings, Socio-Political Performance, April 2008 41
Figure 11: India, Crude Oil Assets Map, 2008 42
Figure 12: India, Total Crude Oil Production (MMBBLs), 2001-2008 43
Figure 13: India, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 46
Figure 14: India, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2008 48
Figure 15: India, Crude Oil Pipeline Length By Company (Km), 2008 51
Figure 16: India, Petroleum Product Pipeline Length By Company (Km), 2008 52
Figure 17: India, Total Refining Capacity (MMTPA), 2000- 2013 58
Figure 18: India, Refining Capacity Company-wise (MMTPA), 2008 59
Figure 19: India, Refining Capacity Company-wise (MMTPA), 2013 60
Figure 20: India, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 67
Figure 21: India Oil and Chemicals Storage Capacity, Company-wise (Thousand M3), 2000-2013 68
Figure 22: Indian Oil Corporation Limited, Value Chain Analysis 86
Figure 23: GlobalData Methodology 165