The Cambay Basin is an oil-prone basin located in northwest India. It offers some of the lowest full-cycle breakeven prices and highest returns in the industry, thanks to an extensive network of infrastructure and a prevailing focus on near-field exploration. Exploration can be divided into two: the extensively drilled and very mature Gujarat region, and the emergent Rajasthani province, which was proven in 2002 following Cairn Energy's play-opening Raageshwari discovery. India offers favourable fiscal terms for exploration, with full-cycle government take of < 60% in our outlook models. The newly introduced Hydrocarbon Exploration and Licensing Policy includes a new revenue sharing contract structure which aims to reduce regulatory oversight and bureaucracy and provide greater pricing freedom. Together with new open acreage licensing, it aims to stimulate interest in the upstream sector. This report analyses, costs, volumes and economics. It is accompanied by multiple excel downloads.