India upstream summary Report

Country Report 17 May 2024

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Report summary

Gas production poised for near-term growth - Output declined drastically between 2011 and 2017 primarily due to under-performance of the KG-D6 block and the lack of FIDs. Output then remained steady until 2019, followed by steep decline, driven by field maturity, a gas demand shortfall and pricing. In 2021 production rebounded, with the Dhirubhai-34 and the satellite cluster in D6 area coming onstream followed by D-55 in 2023. During 2022-23, ONGC completed the redevelopment of its western ...

Executive summary
Key facts
Location maps
Key companies
Geology
- Introduction
- Krishna-Godavari basin
- Mumbai offshore basin
- Cambay basin
- Rajasthan Basin
- Cauvery basin
- Assam - Arakan basin
- Kutch basin
- Andaman-Nicobar basin
- Mahanadi basin
- Vindhyan basin
- Kerala - Konkan basin
Exploration
- Licensing
- Hydrocarbon Exploration and Licensing Policy (HELP)
  - OALP
  - OALP-1
  - OALP-2 and 3
  - OALP-4
  - OALP-5
  - OALP-6 and 7
  - OALP-8
  - OALP-9
  - OALP-10
  - 2021 Discovered Small Fields Round (DSF-3)
  - 2018 Discovered Small Fields Round (DSF-2)
  - 2016 Discovered Small Fields Round (DSF-1)
- NELP
  - NELP IX
  - NELP VIII
  - NELP VII
  - NELP VI
  - NELP V (2005)
  - NELP IV (2003-2004) and NELP III (2002)
  - NELP II (2000-2001) and NELP I (1999-2000)
- Coalbed Methane (CBM)
  - Special CBM Bid Round - II (2022)
  - Special CBM Bid Round - I (2021)
  - CBM-IV (2009)
  - CBM-III (2006)
  - CBM-II (2004) and CBM-I (2002)
- Drilling
  - Drilling activity
- Future activity
- Historical Activity (till 1998)
  - Onshore drilling
  - Offshore Exploration
  - Key Activity (1999 onwards)
Reserves and resources
Production
- Oil/Liquids
  - Future Production
  - Historical Production
  - 2005 - 2014
- Gas
  - Future gas production
  - Historical gas Production
Infrastructure
- Oil infrastructure
  - Crude Pipelines
  - Refineries
- Gas infrastructure
  - Introduction
  - GAIL Pipelines
  - GSPL Pipelines
  - PIL Pipelines
  - GIGL Pipelines
  - ONGC Gas Infrastructure: Uran and Hazira
  - Expansion of gas network
  - Gas marketing
  - LNG infrastructure
Costs
- Capital costs
  - Capital expenditure by location
Policy and regulation
- Key legislation
  - Organisation of the Indian Oil & Gas Industry
- State oil company
  - Oil & Natural Gas Corporation Limited (ONGC)
  - Oil India Limited (OIL)
  - GAIL India (GAIL)
  - Indian Oil Corporation (IOC)
- State participation
- Licensing
  - Licence Term
  - Work Obligation
  - Relinquishment
Fiscal terms
- Overview
- Upstream
  - Production Sharing Contract Regime
  - Concession Regime
  - Coal bed methane (CBM) terms
  - Revenue Sharing Model (RSM) terms
- Current fiscal terms
- Revenue Sharing Model (RSM) Terms
  - State equity participation
  - Bonus, rental and fees
  - Indirect taxes
  - Royalty
  - Cost recovery
  - Revenue sharing
  - Contract period
  - Corporate income tax
- Production Sharing Contracts (PSCs)
  - State equity participation
  - Bonus, rental and fees
  - Signature bonuses
  - Production bonuses
- Indirect Taxes
  - Value Added Tax (VAT)
  - Import duties
  - Withholding tax on sub-contractors
  - Royalty and other production taxes
  - Royalty
  - NELP Rounds
- CBM Policy
  - State equity participation
  - Bonus, rental and fees
- Indirect Taxes
  - Value Added Tax (VAT)
  - Import duties
  - Withholding tax on sub-contractors
  - Royalty
  - Profit split
- Pre-NELP contracts extension policy
- Concession Contract
  - Royalty and Cess Payments
- Production Sharing Contracts / Revenue Sharing Contracts
  - Domestic Market Obligation (DMO)
  - Contractor Revenue Entitlement
- Product Pricing
  - Joint Ventures
  - State Companies
  - Oil pricing
- 2023 Kirit Parekh Committee Recommendation
- Marginal fields and HELP blocks gas pricing
- 2016 Marketing and pricing freedom for challenging gas fields
- 2014 Uniform gas pricing guidelines
  - Price Calculation
  - Original Rangarajan formula
  - Component 1
  - Component 2
  - Final price
  - Historical gas pricing
  - Market Related Pricing (Non-APM)
  - APM
  - Consumer restrictions
- PSC cost recovery
- PSC Profit Sharing
- RSM Revenue Sharing
  - Corporate (or Petroleum) Income Tax
- Production Sharing Contract
  - Marginal Government Take Calculation
- Concession Contract Sample Cash Flow