The oil and gas sector is among the eight core industries in India.
India’s economic growth is closely related to energy demand; therefore the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment.
The Government of India has adopted several policies to fulfil the increasing demand. The government has allowed 100 per cent Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries, among others. Today, it attracts both domestic and foreign investment, as attested by the presence of Reliance Industries Ltd (RIL) and Cairn India.
- 635 million metric Tonnes (MMT) of proven oil reserves (2P).
- 54 trillion cubic Feet of proven natural gas reserves. Approximately 34% of total reserves are located onshore, while 66% are offshore and 96 trillion cubic Feet of estimated Shale gas reserves.
- Third largest consumer of crude oil and petroleum products in the world after USA & China and second largest refiner in Asia.
- 60% of the prognosticated reserves of 28,000 MMT are yet to be harnessed
- Regasified Liquified Natural Gas (RLNG) regasification facility is likely to increase from 47.5 MMTPA* by 2022 from a current level of 22 MMTPA.
- India is the third largest consumer of oil in the world after the United States & China.
- Oil imports constitute about 81% of India’s total domestic oil consumption.
- Oil and gas contributes about 34.4% to primary energy consumption in India.
- India had 54 Trillion cubic feet of proven natural gas reserves. India has 230.066 MMTPA of refining capacity with a surplus refining capacity of about 15%, making it the second largest refiner in Asia after China. Private & joint venture companies own about 41% of total capacity.
- India is the fourth-largest LNG (Liquified Natural Gas) importer in 2015 and accounted for 6.4% of global imports.
- India held nearly 635 MMT of proven oil reserves at the beginning of 2015, mostly in the western part of the country. About 49% of reserves are onshore resources, while 51% are offshore
Government has approved Hydrocarbon Exploration & Licensing Policy (HELP) and same has been notified on March 30, 2016. This policy provides a uniform licensing system to explore and produce all hydrocarbons such as oil, gas, coal bed methane, shale oil/gas, etc. under a single licensing framework, option to select the exploration blocks without waiting for formal bid round and also provides many incentives such as reduced royalty rates for offshore blocks, marketing & pricing freedom and easy to administer revenue sharing model.
Discovered Small Fields Policy announced in March, 2016 for monetization of 67 discoveries thorough international competitive bidding.
Under the New Domestic Gas Pricing Policy, a transparent new gas pricing formula linked to global market made effective w.e.f. November 1, 2014.
Marketing and pricing freedom for gas produced from geologically difficult, high risk / high cost areas with a provision of ceiling price based on landed cost of alternate fuels announced on March 10, 2016.
Policy Framework for relaxation, extensions and clarifications at the development and production stage under PSC (Production haring Contract) regime for early monetization of hydrocarbon discoveries was approved on November 10, 2014.
Policy for grant of extension to the Production Sharing Contracts of 28 Small and medium sized discovered blocks was approved on March 10, 2016.
Policy on Testing Requirements for discoveries in New Exploration Licensing Policy (NELP) blocks was approved on April 29, 2015.
Hydrocarbon vision 2030 for North East India has been released in February, 2016
Pooling of gas in Fertilizer (Urea) sector was approved on March 31, 2015 for supply of gas at uniform delivered price to all fertilizer plants on the gas grid for production of urea through a pooling mechanism of domestic gas with R-LNG
The Petroleum and Natural Gas Regulatory Board Act, 2006 regulates refining, processing, storage, transportation, distribution, marketing and the sale of petroleum, petroleum products and natural gas.
The National Biofuel Policy, 2009 promotes bio-fuel usage, the Government of India has provided a 12.36% concession on excise duty on bio-ethanol and exempted bio-diesel from excise duty.
Government is implementing Ethanol Blending Petrol programme under which oIL marketing companies are mandated to sell Ethanol blended petrol with upto 10 % Ethanol. Mechanism for procurement of ethanol by Oil Marketing Companies (OMCs) to carry out Ethanol Blended Petrol programme was approved on December 10, 2014. In order to give a stimulus to the above programme, the Government has enhanced the Ethanol Procurement Price and opened alternate route like cellulosic and ligno cellulosic materials, including Petrochemical route.
Direct sale of bio-diesel by private manufacturers/suppliers to bulk consumers like Railways and State Transport Corporations was allowed on August 10th, 2015.
The milestones set in Auto Fuel Policy 2003 have already been achieved. Ministry of Petroleum and Natural Gas has issued a communication to all the concerned stake holders including Oil Marketing Companies for implementation and expansion of Supply of BS-IV auto fuels in phases covering the entire country by April 1, 2017 as per the road map given in Auto Fuel Vision & Policy -2025
The Government has decided to leapfrog from BS-VI to BS — VI fuels w.e.f. April 1, 2020.
The Policy on Shale Gas & Oil, 2013 allows companies to apply for shale gas and oil rights in their petroleum exploration licenses and petroleum mining leases.
India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally. Total oil imports rose 4.24 per cent year-on-year to US$ 86.45 billion in 2016-17. India’s oil consumption grew 8.3 per cent year-on-year to 212.7 million tonnes in 2016, as against the global growth of 1.5 per cent, thereby making it the third-largest oil consuming nation in the world.
India is the fourth-largest Liquefied Natural Gas (LNG) importer after Japan, South Korea and China, and accounts for 5.8 per cent of the total global trade. Domestic LNG demand is expected to grow at a CAGR of 16.89 per cent to 306.54 MMSCMD by 2021 from 64 MMSCMD in 2015.
The demand of Petroleum Oil and Lubricants grew at a Compound Annual Growth Rate (CAGR) of 5.6 per cent under the 12th Five Year Plan (2012-17)
The country’s gas production is expected to touch 90 Billion Cubic Metres (BCM) in 2040 from 23.09 BCM in FY2016-17 (till December 2016). Gas pipeline infrastructure in the country stood at 16,240.4 km in November 2016.
State-owned Oil and Natural Gas Corporation (ONGC) dominates the upstream segment (exploration and production), and produced around 1,847 thousand metric tonnes (TMT) of crude oil, as against the country’s 2,939 MT oil output in April 2017. The company also accounted for 57 percent of the country’s domestic crude oil production in 2016-17.
According to data released by the Department of Industrial Policy and Promotion (DIPP), the petroleum and natural gas sector attracted FDI worth US$ 6.86 billion between April 2000 and June 2017.
REASONS TO INVEST
- Growing economy and population growth are the main drivers for oil & gas demand, increasing every year.
- Import content in oil & gas sector is in the range of 15% for refinery to 67% for upstream.
- The oil and gas sector is highly liberalized to attract private investment and to increase domestic production.
- A number of policy reforms have been taken by the Government to remove obstacles to investment and incentivize oil and gas sector on the lines of ease of doing business, minimum government maximum governance and promote Make in India initiative.
- Completion of national gas grid by construction of another 15,000 km of gas pipeline network, which is currently under various stages of implementation. Several industries are increasing consumption of natural gas in operations.
- Several private companies have emerged as important players in the past decade. Cairn India, produces more than 23% of India’s crude oil production through its operation of major stakes in the Rajasthan and Gujarat regions and Krishna-Godavari basin. Reliance Industries Limited and Essar Oil have become major refiners.
- It is a transparent and level playing field for Indian private/foreign investors and national oil companies — both enjoy the same fiscal and contract terms.
- Supportive Government Regime — ease of doing business moved to sector specific policy HELP (Hydrocarbon Exploration & Licensing Policy). Also to encourage private players and global oil companies, Income generated from storage and selling of Crude Oil in Strategic crude oil reserves has been exempted from Income Tax.
- Gas Initial is in place for Coalbed Methane (CBM) established at 9.8 Trillion cubic feet (Tcf) with the possibility of an upside.
- 96 TCF of technically recoverable shale gas resources available in India.
- Despite being a net importer of crude oil, India has become a net exporter of petroleum products by investing in refineries designed for export, particularly in Gujarat.
- Investment opportunities are in upstream, gas pipeline, City Gas Distribution (CGD) network, LNG Terminal, Petrochemical and Refinery.
- Plans afloat to set up India’s largest grass-root refinery of 60 MMTPA capacity at west coast to be set-up by oil & gas CPSEs (Central Public Sector Enterprise).
- Thrust on developing gas based economy by connecting major cities with green highways, which will have vehicles running on CNG and LNG with adequate refuelling stations.
- Two world class gas hydrate reservoirs have been discovered in ultra-deep waters of KG basin under national gas hydrate progamme-2, which has opened up new avenues for alternative resources.
- Ample opportunities for development of underground coal gasification, coal to liquids, etc.
As part of International Energy Outlook 2016, EIA projects that India and China will account for about half of global energy demand growth through 2040, with India’s energy demand growing at 3.2% per year. As per BP Energy Outlook 2016, India’s energy consumption is projected to grow at 4.2% per annum upto 2035, faster than all major economies in the world.
Oil and gas sector plays a predominant role as over one third of the energy required is met by the hydrocarbons.
The country’s natural gas pipeline network is spread over 14760.6 km in 2016. Another 15000 km is envisaged to complete national gas grid and move towards a gas based economy, which is under various stages of implementation
In order to promote use of natural gas, priority for allocation of domestic gas was accorded to PNG (Piped Natural Gas) / CNG (Compressed Natural Gas) segments for meeting 100% demand and faster roll out of PNG connections and CNG stations. There are plans to connect 326 cities with city gas distribution network (CGD) by 2022.
In a bid to enhance oil security and protect supply disruptions, crude oil strategic storage of 5.33 MMT capacity was built at three locations viz. Visakhapatnam (1.33 MMT), Mangalore (1.5 MMT) and Padur (2.5 MMT). The project at Visakhapatnam is already commissioned and Mangalore and Padur are under advanced stage of commissioning. A detailed project report has been prepared for additional strategic storage of crude oil for 12.5 MMT at 4 locations viz. Chandikol (3.75 MMT) in Odisha, Padur (2.5 MMT) in Karnataka, Rajkot (2.5 MMT) in Gujarat & Bikaner (3.75MMT) in Rajasthan, which would be completed in Phase II.
New Domestic Gas Pricing guidelines, reforms in existing contracts, calibrated marketing freedom for difficult areas, clarity on testing requirements and addressing other concerns in the existing areas under exploration and production have resulted into unlocking of reserves valued at USD 53.84 Billion.
India’s Refining capacity is estimated to reach 256.55 MMTPA by 2019-20 after completion of projects undertaken by a number of refineries which are currently under various stages of implementation.
E&P sector has undergone complete re-engineering to reinvigorate exploration and production of India’s hydrocarbon reserves. A number of path breaking policies have been formulated to revolutionalize Exploration & Production (E&P) sector including Hydrocarbon Exploration and Licensing Policy, Discovered Small Field Policy and Gas Pricing Reforms.
The price of diesel has been made market determined effective October 19, 2014, resulting into better service delivery due to increased competition in the auto fuel sector. The saving in subsidy is available for funding anti-poverty and social sector schemes.
The Government is focused on providing access to affordable, reliable, sustainable and modern energy to every citizen. In a bid to promote clean cooking fuel, the Government has planned to increase LPG coverage by providing 100 million new LPG connections in next 3 years till 2019.
The government has planned to roll out BS-IV auto-fuels throughout the country progressively by April 1, 2017 and leapfrog into BS-VI auto-fuels all over the country w.e.f. April 1, 2020, which would facilitate major investment in refinery upgradation, auto industry, related manufacturing and services sector.
There is a renewed focus on bio-fuels by promoting ethanol blending programme and bio-diesel programme.
Following are some of the major investments and developments in the oil and gas sector:
- World’s largest oil exporter Saudi Aramco is planning to invest in refineries and petrochemicals in India as it looks to enter into a strategic partnership with the country.
- Bharat Petroleum Corporation Ltd (BPCL) plans to invest Rs 1.08 trillion (US$ 16.88 billion) over the coming five years for expansion of operations across business segments, of which the company plans to invest Rs 45,000 crore (US$ 7.03 billion) in the petrochemicals segment.
- Vedanta Ltd has planned a capital expenditure of US$ 2.4 billion over FY 2017-18 and FY 2018-19, across various projects such as Hindustan Zinc, increasing volumes for its oil and gas business and to double the capacity at the Tuticorin copper smelter.
- Reliance Industries Ltd (RIL), along with its partner BP plc, has decided to invest US$ 6 billion for the development of new R-series gas fields in the KG-D6 block.
- Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), have signed an agreement to build integrated refinery-cum-petrochemicals complexes, which would have a capacity of 60 million metric tonnes per annum (MMTPA) and cost approximately US$ 40 billion. The refinery is expected to commence operation by 2022.
- Oil and Natural Gas Corporation (ONGC) plans to invest US$ 11 billion in exploration and development of blocks in the Krishna Godavari (KG)basin, which is expected to increase gas production by around 30 per cent over the next three-four years.
- The merger process of Vedanta and Cairn India was completed on April 11, 2017, thereby creating a combined entity with a market capitalisation of US$ 15.6 billion and a free float of 49.9 per cent.
- Indian Oil Corporation expects to invest Rs 20,000 crore (US$ 3.1 billion) over the next four years covering 20 projects in order to add a 25 million tonne (MMT) pipeline to its existing pipeline capacity of 93.7 MMT.
- Larsen & Toubro’s (L&T) subsidiary, L&T Hydrocarbon Engineering has bagged an order relating to Oil and Natural Gas Corporation’s (ONGC) Neelam Re-Development and B173AC projects worth Rs 1,656 crore (US$ 257 million) which involves building four new platforms, a 32 kilometre pipeline and modification work on existing platforms in the India’s western off shore basin, Neelam Field. The project is expected to be completed by 2019 and would result in incremental gain of 2.76 million ton crude oil and 4.786 BCM gas until 2034-35.
- The total investment by oil marketing companies (OMCs) on fuel upgradation programme will reach Rs 90,000 crore (US$ 13.95 billion) by 2020, according to Mr K D Tripathi, Secretary, Ministry of Petroleum and Natural Gas, Government of India.
- Indian Oil Corporation (IOC) plans to invest around Rs 40,000 crore (US$ 5.9 billion) to set up a 15 million tonne (MT) refinery at Nagapattinam in Tamil Nadu.
- ONGC has signed an agreement with the Government of Andhra Pradesh to invest around Rs 78,000 crore (US$ 11.7 billion) in the Krishna Godavari basin for producing hydrocarbons by FY 2021-22.
Some of the major initiatives taken by the Government of India to promote oil and gas sector are:
- State-run oil firms are planning investments worth Rs 723 crore (US$ 111.30 million) in Uttar Pradesh to improve the liquefied petroleum gas (LPG) infrastructure in a bid to promote clean energy and generate employment, according to Mr Dharmendra Pradhan, Minister of Petroleum and Natural Gas, Government of India.
- The Government of India is planning to introduce a new policy to encourage the use of biofuels in transport fuel and is looking at an investment of Rs 1 lakh crore (US$ 15.64 billion) in the entire value chain.
- The Government of India plans to build a nine million tonne (MT) refinery in Rajasthan as well as a 60 MT refinery in Maharashtra, auction oil and gas fields, increase use of liquefied natural gas (LNG), and is in discussions with Saudi Arabian Oil Co (Saudi Aramco) regarding investments in India, as per Mr Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas, Government of India.
- The Government of India plans to merge state oil companies to create integrated oil major that could compete globally, and utilise the synergy between various state entities for achieving efficiency and cost competitiveness in order to create more value for all shareholders.
- The Government of India plans to unveil a new policy for renewing and extending the lease of 28 oil and gas blocks in the country, with a view to attract more investments into these fields.
- The Cabinet Committee on Economic Affairs, Government of India, has approved the awarding of contracts on 23 onshore and 8 offshore contract areas of discovered small oil and gas fields that earlier belonged to Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL).
India’s oil demand is expected to grow at a CAGR of 3.6 per cent to 458 Million Tonnes of Oil Equivalent (MTOE) by 2040, while demand for energy will more than double by 2040 as economy will grow to more than five times its current size, as stated by Mr Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas.
Gas production will likely touch 90 Billion Cubic Metres (BCM) by 2040, subject to adjustment to the current formula that determines the price paid to domestic producers, while demand for natural gas will grow at a CAGR of 4.6 per cent to touch 149 MTOE.
After the completion of certain projects which are undertaken by various refineries, the Refining Capacity of India is expected to reach 256.55 MMTPA by 2019-20.
The demand for petroleum products is estimated to reach 244,960 MT by 2021-22, up from 186,209 MT in 2016, and the demand for natural gas is expected to reach 606 MMSCMD by 2021-22 as against a demand of 473 MMSCMD in 2016-17.
Exchange Rate Used: INR 1 = US$ 0.015 as on October 10, 2017
- The rate of cess on crude oil production has been revised to 20% advalorem basis from USD 69.23 per metric tonne
- Various exemptions from customs duty on goods imported for petroleum exploration licenses and movement of goods from one block to another under various types of licenses/mining leases etc., have been merged into a single exemption, with unified list of goods and conditions
- To facilitate smooth trade of natural gas across India thereby helping to build a gas-based economy, the central sales tax rules regarding inter-state transport of natural gas through common carrier pipeline have been amended.
- Keeping in view the bulky nature of oil & gas investments, an enhanced window has been made available to avail the benefit of additional depreciation of 15% on installation of capital equipment acquired in the previous year to be made before 31.03.17.
- To increase investment in exploration sector, No Basic Customs Duty & Countervailing Duty (CVD) on imports of goods required for exploration & production of hydrocarbon activities is also extended to operations undertaken to Exploration Licenses & Mining Leases issued or renewed before 1st April 1999.
- Apart from the above, each state in India offers additional incentives for industrial projects. Incentives are provided in areas such as subsidised land cost, the relaxation of stamp duty on sale/lease of land, power tariff incentives, concessional rates of interest on loans, investment subsidies and/or tax incentives, backward areas subsidies, special incentive packages for mega projects.
Area based Incentives:
- Hydrocarbon Vision 2030 for North East India has been released. It envisages an investment of USD 20 Billion in upstream, downstream and midstream sector in Hydrocarbon Sector in North East India till 2030. To incentivize E&P (Exploration & Production) in the North East, 40 % subsidy on gas operation has been extended to private companies operating in the region.
SECTOR WISE INVESTMENT OPPORTUNITIES
- Monetization of 67 discovered small fields thorough international competitive bidding.
- Additional strategic storage of crude oil for 12.5 MMT at 4 locations viz. Chandikol (3.75MMT) in Odisha, Padur (2.5 MMT) in Karnataka, Rajkot (2.5 MMT) in Gujarat & Bikaner (3.75MMT) in Rajasthan.
- Plan to connect 326 cities with city gas distribution network (CGD) by 2022. In order to promote use of natural gas, priority for allocation of domestic gas was accorded to PNG/CNG segments for meeting 100% demand and faster roll out of PNG connections and CNG stations.
- Construction of another 15,000 km of gas pipeline network for completion of national gas grid, which is currently under various stages of implementation..
- Providing 10 crore new LPG connections in next 3 years till 2019, of which 5 crore are for BPL households The Government is focused on providing access to affordable, reliable, sustainable and modern energy to every citizen.
- Increase in India’s refining capacity to reach 256.55 MMTPA by 2019-20 after completion of projects under taken by a number of refineries which are currently under various stages of implementation.
- India has technically recoverable shale gas resources of nearly 96 Trillion cubic feet.
Underground Coal Gasification:
- Coal gasification has been identified as one of the end uses under the government’s captive mining policy.
Opportunities for Pipeline Transportations:
- Compared to advanced economies like the US, where more than 60% of petroleum product movement happens by pipeline, in India, currently, only 35% of product movement happens over pipelines. The city gas and distribution sector offers opportunities for both incumbents and new companies. The Petroleum and Natural Gas Regulatory Board allows the following incentives to authorised entities: the infrastructure exclusivity is available to the authorised entity for a period of 25 years. Exclusivity for the activity of marketing of natural gas is allowed to the authorised entity for a period of five years. For incumbents, the marketing exclusivity extends to a period of three years. Government has ensured City Gas Distribution (CGD) companies for availability of domestic gas for CNG (Transport) and PNG (Domestic) consumption.
The Refining Sector:
- India is already a refining hub with 23 refineries and expansions planned for tapping foreign investment in export-oriented infrastructure, including product pipelines and export terminals.
Opportunities for E&P Services and Equipment Companies:
- 48% of the country’s sedimentary area is yet to be explored.
- Appraisal of 1.5 million sq. km. of un-appraised areas by capturing 2D seismic survey data for 48243 Line Kilometre (LKM) for onland areas of 22 sedimentary basins, to be acquired by ONGC (40835 LKM) and OIL (7408 LKM).
- Appraisal of un-appraised areas by encouraging survey agencies to acquire data through Multi Client Geo-Scientific survey, which would facilitate E&P companies to participate in bidding blocks/areas of their choice.
- Re-assessment of hydrocarbon reserves in all 26 sedimentary basins in India to be carried out by ONGC in 2017-18.
Offering of Exploration Blocks
- Offering of un-monetized discoveries through international competitive bidding under Small Discovered Field Policy for early monetization of reserves worth USD 10.76 billion. In accordance with Minimum Government — Maximum Governance, policy is packed with all possible reforms like uniform licensing, pricing and marketing freedom, easy to administer revenue sharing mechanism. Bids were launched on May 25, 2016 with bid closing date of October 31, 2016. Road shows are being organized at various parts of country and across the globe to attract investors. These fields are likely to be awarded by the end of this year.
- Marketing and pricing freedom would incentivize gas production from difficult areas, such as deep/ ultra deep water and high pressure/ high temperature thereby facilitating in monetization of 6.75 Trillion Cubic Feet of gas reserves valued at USD 23.07 billion.
- National Data Repository (NDR) would be operational in 2016 which would pave the way for implementation of Open Acreage Licensing Policy to give contractors flexibility of identifying acreages of interest round the year, without waiting for the bidding round.
- To ease out rigidities in the functioning of Production Sharing Contract (PSC) regime, the Government approved policy framework for relaxation, extension and clarifications for early monetization of hydrocarbon discoveries, which has helped in resolution of around 40 pending issues and move ahead with discoveries valued at USD 4.6 billion.
- Policy on Grant of extension to the production sharing contracts for small and medium sized discovered fields would help in monetization of resources of the order of USD 7.69 billion in the extended period.
Policy on testing requirement in NELP blocks would resolve existing disputes; facilitate monetization of resources of the order of USD 11.53 billion
Opportunities for Foreign Investments and Technology Partnerships in the Upstream Sector:
- Securing supplies is expected to remain on top of India’s energy agenda for the foreseeable future. While exploration activity has taken place onland and in shallow basins across the country, it is believed by many that deep water and ultra-deep water oil and gas resources hold the key to substantially increasing domestic production. This creates a plethora of opportunities for strategic investors having relevant technical expertise and financial muscle.
VARIOUS LAWS APPLICABLE TO THE O &NG INDUSTRY IN INDIA
- The Petroleum Act, 1934: The act regulates the import into India, transfers within, storage, production, refining and blending of petroleum and deals substantially with midstream activities.
- The Oilfields (Regulation and Development) Act, 1948: The act constitutes the basic statute for licensing and leasing of petroleum and gas blocks by the Union Government, empowering the same with broad authority to make rules providing for the basic regulation of oilfields and for the development of mineral oil resources. Along with Petroleum Rules, the Oilfields Act governs grant of Production Exploration Licenses and mining leases.
- The Petroleum and Natural Gas Rules, 1959: The rules provide a framework for grant of exploration licenses and mining leases, and together with the Petroleum Act, 1934, regulate the sale and distribution of petroleum and petroleum products.
- The Petroleum and Natural Gas Regulatory Board Act, 2006: The act provides for the setting up of the Regulatory Board to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas (excluding production of crude oil and natural gas)
- The New Exploration and Licensing Policy (“NELP”): NELP was formulated by the Union Government and the Directorate General of Hydrocarbons (“DGH”) as the nodal agency in 1997-98 to provide a level playing field to both public and private sector companies in E&P of hydrocarbons, though NELP is not law by itself and is not passed in exercise of any rule-making powers. NELP promotes investments in E&P sector by facilitating allotment of exploration blocks through international competitive bidding. Although the NELP regime was successful in the early days, but NELP VIII and IX is often criticized for its failure to attract widespread participation by large international oil and gas operators and since 2009, and it has been the endeavor of the Union Govt to change the model.
- The Hydrocarbon Exploration and Licensing Policy (“HELP”): HELP aims to enhance domestic oil and gas production by encouraging exploration in sedimentary basins, and introduces a number of measures including a uniform license regime for conventional as well as non-conventional hydrocarbons, an open acreage licensing policy, a revenue sharing model and freedom in marketing and pricing (subject to certain limits).
- British Petroleum (UK)
- Cairn Energy (India)
- Shell (UK)
- Niko Resources (Canada)
- OILEX Limited (Australia)
- Hardy Oil & Gas Plc. (UK)
- Roseneft (Russia)
- Ministry of Petroleum & Natural Gas
- Oil Industry Development Board
- Petroleum Conservation Research Association
- Directorate General of Hydrocarbons
- Petroleum Planning & Analysis Cell
- Petroleum & Natural Gas Regulatory Board
- Centre For High Technology
- Oil Industry Safety Directorate