In this November update, we explore the latest developments and themes happening across India's upstream, downstream, gas, coal and power sectors. Speculation amidst Petronet LNG contract renegotiation with RasGas. Can there be a win-win solution? Long-awaited changes in India's upstream contractual and fiscal regime are finally on the way. Domestic coal is losing out in competitiveness in a depressed seaborne coal market. We break down the economics between a domestic high rank coal and Australia Newcastle coal for a Tamil Nadu power plant. And finally, India's oil demand continues to grow at record pace. In the months of September and October, oil products demand grew by 0.5 mb/d, which is matching the same pace as China.