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India ushers in major upstream changes to revive oil and gas sector

India ushers in major upstream changes to revive oil and gas sector

Report summary

The Indian government finally acted to revitalise the upstream sector by approving a series of key policy changes on 10 March 2016. The changes, some of which have been under consideration for nearly two years, will introduce enhanced pricing for challenging gas projects, a simplified licensing regime with pricing freedom and improved clarity around contract extensions.  The moves come on the back of dropping gas output and dwindling IOC participation in the upstream space.

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