Oil and Gas January 2016

OIL & GAS
JANUARY 2016 For updated information, please visit www.ibef.org 1

OIL & GAS
 Executive Summary……………….….……...3
 Advantage India……………………………...4
 Market Overview and Trends……………….6
 Porter Five Forces Model…….………........28
 Strategies Adopted……………………..…..30
 Growth Drivers……………………….……..33
 Opportunities…………………… .................41
 Success Stories…………………….. ……..44
 Useful Information…………………….……48

OIL & GAS
EXECUTIVE SUMMARY
• In FY15, India had 223.3 MMTPA of provisional refining capacity, making it the second
Second largest refiner largest refiner in Asia an. By 2017, the oil refining capacity of India is expected to rise and
in Asia reach more than 310 million tonnes. Private companies own about 29.31 per cent of total
capacity
• India’s energy demand is expected to double to 1,516 Mtoe by 2035 from 637 Mtoe in
World’s fourth-largest 2014. Moreover, the country’s share in global primary energy consumption is projected to
energy consumer increase two fold by 2035
• In 2014, India consumed 3.85 mbpd oil, while the consumption is estimated to reach 4.0
Fourth-largest
mbpd by FY16, expanding at a CAGR of 3.2 per cent during FY08–16F.
consumer of oil and • As per IEA estimates as on June 2015, India is expected to overtake Japan to become the
petroleum products third largest oil consumer in the world by the end of 2015
• LNG imports accounted for about one-fourth of total gas demand. India's gas demand is
Fourth-largest LNG estimated to be more than double over the next five years
importer in 2015 • India increasingly relies on imported LNG; the country is the fourth-largest LNG importer in
2015 (As of September 2015) and accounted for 5.68 per cent of global imports
Source: US Energy Information Administration (EIA), Ministry of Petroleum & Natural Gas, TechSci Research
Notes: MMTPA - Million Metric Tonnes Per Annum, Mtoe – Million Tonnes of Oil Equivalent; mbpd – Million Barrels Per Day;
Figures mentioned in this slide is as per latest data available

OIL & GAS
ADVANTAGE INDIA
JANUARY 2016
OIL & GAS
ADVANTAGE INDIA
Growing demand Skilled workforce

2014 FY16F
Oil • India is the world’s fourth-largest energy • About 136,347 people were employed Oil
consumer (2014); oil and gas account in the petroleum industry at the end of
Consumption: Consumption:
for 37 per cent of total energy FY13
3.85 mbpd; consumption 4.0 mbpd;
Gas Gas
• The University of Petroleum and
Consumption: • Demand for primary energy in India is to Energy Studies in Dehradun, Consumption:
50.6 bcm increase threefold by 2035 to 1,516 Uttarakhand, is Asia’s first and only 119.05 bcm
million Tonnes of Oil energy university
• Equivalent from 637 million Tonnes of

Oil Equivalent in 2014
Advantage
India Policy support
Supportive FDI • Government has enacted various policies
guidelines such as the New Exploration Licensing Policy
(NELP) and Coal Bed Methane (CBM) policy
• The government allows 100 per cent Foreign to encourage investments
Direct Investment (FDI) in upstream and
private sector refining projects
• In a new policy in 2013, companies that have
existing petroleum and mining licenses are
• The FDI limit for public sector refining projects allowed to apply for shale oil & gas licences
has been raised to 49 per cent without any
disinvestment or dilution of domestic equity in
• New domestic natural gas pricing guidelines
the existing PSUs
has been enforced on 10th January 2014
Source: Business Monitor International (BMI), World Oil Outlook 2012, Ministry of Petroleum & Natural Gas, BP Statistical Review 2015, TechSci Research
Notes: mbpd – Million Barrels Per Day, bcm – Billion Cubic Metres, F – Forecast;
OIL & GAS
MARKET OVERVIEW AND TRENDS
JANUARY 2016
OIL & GAS
STATE-OWNED COMPANIES DOMINATE OIL AND GAS IN INDIA
India has become the third-largest energy consumer in 2015
In 2015,oil production in the country reached 0.75 mbpd as compared to 0.76 mbpd in 2014, registering a decline of 0.85 percent. In
2014, country had, 5.7 billion barrels of proven oil reserves
India had 1.4 tcm of gas proved reserves and produced 33.66 bcm of gas in 2015 which is expected to rise and reach 33.73 bcm in
2016
Upstream • State-owned ONGC dominate the upstream segment

segment - • It is the largest upstream company in the Exploration and Production (E&P)
exploration and segment, accounting for approximately 59.43 per cent of the country’s total oil
production output (FY15)
Midstream
Indian Oil and Gas • IOCL operates a 11,214 km network of crude, gas and product pipelines, with
segment –
a capacity of 1.6 mbpd of oil and 10 mmscmd of gas
sector storage and • This is around 30 per cent of the nation’s total pipeline network
transportation
Downstream • IOCL is the largest company, control 10 out of 22 Indian refineries, with a
segment – combined capacity of 1.31 mbpd
• Reliance launched India’s first privately owned refinery in 1999 and gained
refining, considerable market share (30 per cent)
processing and • Essar’s Vadinar refinery has a capacity of 20 mmtpa, currently accounting for
marketing around 10 per cent of total refining capacity
Source: BP Statistical Review 2015, US Energy Information Administration, Ministry of Petroleum & Natural Gas, TechSci Research
Notes: bcm – Billion Cubic Metres, tcf – Trillion Cubic Feet, mbpd – Million Barrels Per Day, mmscmd - Million Metric Standard Cubic Metre Per Day,
ONGC – Oil & Natural Gas Corporation of India, IOCL – Indian Oil Corporation Ltd

OIL & GAS
OIL SUPPLY AND DEMAND IN INDIA … (1/2)
Oil consumption is estimated to expand at a CAGR of 3.3 Oil consumption in India (2008-16)
per cent during FY2008–16F to reach 4.0 mbpd by 2016
4.00
3.73 3.85
Due to the expected strong growth in demand, India’s 3.69
3.49
dependency on oil imports is likely to increase further 3.24 3.32
3.08
Rapid economic growth is leading to greater outputs, which

in turn is increasing the demand of oil for production and
transportation
With rising income levels, demand for automobile is

estimated to increase
2008 2009 2010 2011 2012 2013 2014 2016E
Source: Ministry of Oil & Natural Gas, BP Statistical Review 2015

BMI forecasts, TechSci Research
Notes: F – Forecast, CAGR – Compound Annual Growth Rate,
mbpd – Million Barrels Per Day, mn bbl – Million Barrels,
E- Estimated

OIL & GAS
OIL SUPPLY AND DEMAND IN INDIA … (2/2)
In June 2015, total crude oil imports were valued at USD8.7 Imports and domestic oil production in India
billion. In FY14, imports accounted for more than 80 per
cent of the country’s total oil demand
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
3.71 3.80 3.80
3.29 3.45
3.20
Backed by new oil fields, domestic oil output is anticipated
to grow to 1.0 mbpd by FY16
0.7 0.8 0.8 1.0 1.0 1.0
FY10 FY11 FY12 FY13 FY14 FY15

Oil Production (mbpd) Oil Imports (mbpd)
Source: Ministry of Oil & Natural Gas, BMI forecasts, TechSci Research
Notes: F – Forecast, mbpd – Million Barrels Per Day

OIL & GAS
GAS SUPPLY AND DEMAND IN INDIA … (1/2)
During 2013-14, 32.56 percent of the natural gas consumed Proven reserves and total gas consumption
in the country was used by the fertilizer industry, and 31.02 in the country (bcm)
percent by the power generation sector
1427
With India developing gas-fired power stations, 1330 1355
1278
consumption is up more than 160 per cent since 1995 1149
1055 1090 1115
Demand is not likely to simmer down any time soon, given

strong economic growth and rising urbanisation. Gas
consumption is likely to expand at a CAGR of 3.53 per cent
during 2007–14
40 42 52 63 64 59 51 51
2007 2008 2009 2010 2011 2012 2013 2014
Gas Consumption Proven Gas Reserves
Source: PPAC, BP Statistical Review 2015, Ministry of Oil & Natural Gas 2014,
TechSci Research
Notes: F – Forecast, bcm – Billion Cubic Metres,
CAGR – Compound Annual Growth Rate

OIL & GAS
GAS SUPPLY AND DEMAND IN INDIA … (2/2)
India had 1.4 trillion cubic meters of proven natural gas Domestic gas production and imports (bcm)
reserves at the beginning of 2014. Approximately 34 per
cent of total reserves are located onshore, while 66 per cent
are offshore
Domestic production accounts for more than three-quarter 56

of the country’s total gas consumption 48
14 18
Imports constitute the rest; in FY15, imports of LNG stood at 13 18
18 21.66
21.66 bcm 12 11
64
47 52 48 51
32 33 41 35 34
India increasingly relies on imported LNG; the country was
the fourth-largest LNG importer in 2014, accounting for 5.68
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16F FY17F
per cent of global imports
Gas Production Gas Imports
Demand is expected to increase due to higher economic Source: Ministry of Oil & Natural Gas,
growth, ensure less dependency on imported crude and a BP Statistical Review 2015, TechSci Research
desire to use cleaner fuel Notes: F – Forecast, bcm – Billion Cubic Metres,
F- provisional number
India’s LNG imports are forecasted to increase at a CAGR

of 18.67 per cent during FY2008–FY17

OIL & GAS
UPSTREAM SEGMENT: CRUDE OIL AND GAS PRODUCTION … (1/2)
In 2014-2015, crude oil production was 38.76 million Crude oil production (‘’000” Tonnes)
tonnes. Total crude oil production in FY14 stood at 37.79
million tonnes
ONGC accounted for 60 per cent of total crude oil 5263 9682 10527 11640 12077 11654
production in India 3572 2582 3847 3600
3661 3466
Onshore crude oil production increased at CAGR of 10.1 24855 24420 23716 22611 22246 23510
per cent between FY09-10 and FY14-15 to 19.1 mmt
FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15

Annual crude oil production ONGC OIL Private/JV
(‘’000” Tonnes)
19637
18203
18421
20063
21255
21869
19585
19441
19126
18027
16429
11821
FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15
Onshore Offshore Source: Ministry of Petroleum & Natural Gas,

TechSci Research, petroleum.nic.in,
Notes: mmt – Million Metric Tonne, JV – Joint Venture

OIL & GAS
UPSTREAM SEGMENT: CRUDE OIL AND GAS PRODUCTION … (2/2)
Total gas production in FY15 was 33.66 bcm Annual gas production
(million metric standard cubic meter per day)
Contribution from Private/JV in crude oil production
increased over the last from FY14 to FY15 to 0.48 million
barrels
21985 26774 21609
Onshore gas production increased between FY08-09 and 14491 9497 10482
FY14-15 to 33 mmscmd 2416 2350 2633 2639 2626 2838
23096 23095 23316 23549 23284 24000

Annual gas production
(million metric standard cubic meter per day)
FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15
119.6
ONGC OIL Private/JV

106.4
105.4
87.1
Source: Ministry of Petroleum & Natural Gas; TechSci Research

72.3
Notes: bcm – Billion Cubic Metres,

68.2
66
mmscmd-- Million Metric Standard Cubic Meter Per Day,

JV – Joint Venture
24.90
24.70
24.30
24.00
23.92
23.80
23.50
FY08-09 FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15
Onshore Offshore

OIL & GAS
UPSTREAM SEGMENT: EXPLORATION AND DEVELOPMENT ACTIVITIES
During FY15*, 1,352,000 metres of wells were explored and developed in India
During the same period, 637 wells were drilled in the country
State-owned oil companies undertake most of the upstream drilling and exploration work
ONGC, the leader in the upstream segment, accounts for 60 per cent of India’s total crude oil output
Exploration activities (FY15*) Development drilling activities (FY15*)

(‘000 metres) (‘000 metres)
658
360
180
369
145 155
61 62
Offshore Onshore Offshore Onshore
Wells Metreage Wells Metreage
Source: Ministry of Petroleum & Natural Gas, TechSci Research

Note: * – Provisional

OIL & GAS
PIPELINES: CRUDE PIPELINE NETWORK
India has a network of 9,573 km of crude pipeline having a capacity of 947.04 mmtpa*
In terms of length, IOCL accounts for 46.47 per cent (4,448 km) of India’s crude pipeline network. Moreover, the company
has the country’s longest pipelines: Salaya-Mathura-Panipat Pipeline (1,870 km) and Haldia-Barauni/Paradip-Barauni
Pipeline (1,302 km)
In terms of actual capacities, ONGC leads the pack with a share of 50.5 per cent, followed by IOCL at 27.6 per cent
Shares in crude pipeline network by length Shares in crude pipeline network by capacity
(out of 9,573 km) (FY15) (out of 146631 TMT) (FY15)
16.2%
2623 ONGC
5.7%
IOC
IOC
4448 50.5%
ONGC
OIL
OIL
1193 27.6%
Others
Others
1308

Notes: km – Kilometre, mmtpa – Million Metric Tonnes Per Annum, *Approximate

OIL & GAS
Pipelines: Existing Pipelines in India
Others
(Private Total
IOCL BPCL# HPCL## GAIL OIL ONGC### Cairn
and Joint industry
Ventures)
Length (Kms)
Product
6,633 1935 2553 2,032 654 - - 656 14463
Pipeline
820 +488
Crude oil (Onshore
4,448 937 1,017 - 1,193 590 80 9,573
Pipeline and
Offshore)
Total 11,081 2,872 3,570 2,038 1,847 1268 590 1536 24,802
Capacity of Crude Oil Pipelines (MMTPA)
Product
36.16 10.84 23.02 3.83 1.72 - - - 81.94
Pipeline
Crude oil
40.40 6.0 9.0 - 8.40 23.39 8.50 - 102.69
Pipeline
Total 76.56 16.84 32.02 3.83 10.12 23.39 8.50 - 184.63

Notes: kms – Kilometres, mmtpa – Million Metric Tonnes Per Annum,
#Includes Petronet Cochin-Coimbatore-Karur Product pipeline, ##Includes Petronet Mangalore-Hassan-Bangalore Product Pipeline,
### Source: PPAC, *Approximately

OIL & GAS
PIPELINES: REFINED PRODUCTS AND LPG PIPELINE NETWORK
With 14463 km of refined products pipeline network (capacity of 77.41 mmtpa) in India, Indian Oil Corporation (IOC) leads
the segment with more than half of the total length of product pipeline network
Top three companies IOC, HPCL and BPCL contributes 76.90 per cent of the total length of product pipeline network in
2015
In 2015 Gas Authority of India Limited (GAIL) has largest share (87.06 per cent or 2,032 km) of the country’s LPG pipeline
network (2,334 km)
Shares in product pipeline network under Shares in LPG pipeline network by length
operation by length (out of 14463 km, FY15 ) (out of 2,334 km) (FY15)
1.20%
2.5% 2.0%
IOC 11.74%
4.5%
HPCL
13.4% GAIL
GAIL
45.9% BPCL IOC
14.0% OIL
PHMB BPCL
87.06%
17.7% PCCK

Notes: km – Kilometre, mmtpa – Million Metric Tonnes Per Annum, LPG - Liquefied Petroleum Gas, IOC - Indian Oil Corporation,
HPCL - Hindustan Petroleum Corporation Ltd, BPCL - Bharat Petroleum Corporation Ltd,
OIL - Oil India Limited, PMHB - Mangalore Hasan Bangalore, PCCK - Cochin-Coimbatore-Karur

OIL & GAS
DOWNSTREAM SEGMENT: REFINERY CRUDE THROUGHPUT… (1/2)
State-controlled entities dominate the downstream segment Refinery crude throughput (mmt)
as well
India has 19 refineries in the public sector and three in the

private sector
81.2 88.2 88.3 87.8
80.7 81.7
43.6 48.6
Private companies such as Reliance Industries Limited and
Essar Oil have become major refiners
112.5 112.2 112.1 115.3 120.9 120.3 119.5 121.4
In FY15, public sector refineries accounted for 58.03 per
cent of total refinery crude throughput
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Private sector refineries’ total crude throughput grew at a
Public Sector Private Sector
CAGR of 10.52 per cent to 87.8 mmt during FY08-14

Note: mmt – Million Metric Tonne

OIL & GAS
DOWNSTREAM SEGMENT: REFINERY CRUDE THROUGHPUT… (2/2)
In FY15, the sector’s total installed provisional refinery capacity was 223.3 mmt
In FY15, IOC emerged as the largest domestic refiner with a capacity of 54.2 mmt
Top three companies IOC, HPCL and BPCL contributes around 50 per cent of India's total refining capacity
Shares in India's total refining capacity (FY15) Total installed capacity FY15 (mmt)
IOC
25.20% 78 80
HPCL
38.63%
BPCL
11.07% CPCL 135 135.1
6.97% 12.78% MRPL

5.35%
FY14 FY15
Others Public Sector Private Sector
Source: Ministry of Petroleum & Natural Gas, PPAC, TechSci Research

Notes: mmt – Million Metric Tonne; * – Provisional, HPCL - Hindustan Petroleum Corporation Ltd, BPCL - Bharat Petroleum Corporation Ltd,
OIL - Oil India Limited, ONGC - Oil and Natural Gas Corporation, IOCL - Indian Oil Corporation Ltd, CPCL - Chennai Petroleum Corporation Limited,
NRL - Numaligarh Refinery Limited, MRPL - Mangalore Refinery and Petrochemicals Limited, RPL - Renegade Petroleum Ltd, EOL - Essar Oil Ltd

OIL & GAS
DOWNSTREAM SEGMENT: PETROLEUM PRODUCTS
During FY15, India consumed 165 mmt of petroleum products

Petroleum products derived from crude oil include light distillates such as LPG, naphtha; middle distillates such as
kerosene; and heavy ends such as furnace and lube oils, bitumen, petroleum coke and paraffin wax
Light distillates with the highest growth rate grew at CAGR of 4.09 per cent, while middle distillates and heavy end segment
witnessed a CAGR of 4.02 per cent and 1.78 per cent respectively, during the year FY08-15
Production of petroleum products is expected to reach 1195.8 mmt during the 12th Five-year Plan period (2012–17)
Petroleum Products-wise Consumption from Production of LPG By Fractionators (mmt)

crude oil FY15 (mmt)
2.24
31.37 2.21
28.08 29.00 2.19
24.85 2.17 2.18
27.69 24.57 2.16
27.72 27.50 2.14
2.13
82.70 81.83 82.78 2.09

75.03 79.42
62.82 66.38 71.12 2.06
41.44 43.87 46.27 47.58 50.85

38.40 39.73 39.00
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Light Distillates Middle Distillates Heavy Ends

Notes: mmt – Million Metric Tonne; * – Provisional

OIL & GAS
DOWNSTREAM SEGMENT: DISTRIBUTION AND MARKETING
In FY15, total consumption of petroleum products by Downstream distribution statistics (MMT)

companies were 164.987 mmt, up 4.15 per cent from the
previous fiscal year 3.83 3.63 3.63 3.97
3.77
3.50
The total number of retail outlets increased to 53419 3.34
(including private) in April 2015 from 51868 in April 2014
2.75
IOC owns the maximum number of retail outlets in the 55.52 58.98 57.65 59.30 59.83
52.10
country (45.70 per cent of total), followed by HPCL (24.80 41.85
per cent) and BPCL (24.00 per cent); private firms own the 36.16
remaining
As of April 1, 2015, there were 15,930 LPG distributors in FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
India
Product Pipeline LPG Pipeline
Capacity (mmtpa) Length (km)

Pipeline
As of April 1, 2015 As of April 1, 2015
Product Pipeline 86.761 14463
LPG Pipeline 5.330 2334

Notes: mmt – Million Metric Tonne, mmtpa – Million Metric Tonnes Per Annum, * – Provisional

OIL & GAS
INDIA’S ENERGY CONSUMPTION MIX … (1/2)
In 2014, coal accounted for 56.47 per cent of total primary Energy consumption pattern in 2014
energy demand 2.19% 1.23%
4.64%
Energy demand in the Asia-Pacific region is expected to
reach 5,627 Mtoe by 2020 and 6,861 Mtoe by 2035 7.14%
Coal
India’s energy demand is projected to double to 48.7 Oil
quadrillion btu by 2035 Natural Gas
Hydro electric
56.47%
28.33%
Renewables
Nuclear Energy
Source: US Energy Information Administration (EIA), BP Statistical Review 2015,

Asia-Pacific Economic Cooperation (APEC), TechSci Research
Notes: Mtoe – Million Tonne of Oil Equivalent, BTU – British Thermal Unit;

OIL & GAS
INDIA’S ENERGY CONSUMPTION MIX … (2/2)
Over the next few years, dependence on gas, hydro power Consumption pattern expected in 2035
and nuclear power is expected to increase relative to oil and
coal
8% Coal
The government aims to quadruple India’s nuclear power
generation capacity to 20 GW by 2020; currently, seven 11%
Petroleum
nuclear power reactors of 4,930 MWe capacity are under
construction 42%
Solid biomass &
15% waste
In coming decades, a major portion of consumption
dependability of energy mix is expected to shift from coal Natural gas
and petroleum to other resources like natural gas, solid
biomass & waste and nuclear & other renewable sources Nuclear & other
24% renewables
Source: International Energy Agency (IEA), TechSci Research

OIL & GAS
STATE-WISE CRUDE RESERVE, CAPACITY AND THROUGHPUT
Balanc e rec overable Ins talled c apac ity, Crude throughput
State r es er ves State
as of April 2015 (m t) f or 2015 (m t)
of c r ude oil, 2015 (MMT )
Gujarat 93.7 100.19
Assam 169.42
Maharashtra 18.5 20.46

Gujarat 138.49
Rajasthan 37.33 Haryana 15.0 15.5
Andhra Pradesh 1.63 Karnataka 15.0 14.59
Tamil Nadu 10.80 Tamil Nadu 11.5 10.6
Arunachal Pradesh 1.63 Kerala 9.5 10.29
Nagaland 2.69 Andhra Pradesh 8.37 7.83
Tripura 0.07 Uttar Pradesh 8.0 8.16
Total Onshore 373.61 West Bengal 7.5 7.95
Western Offshore 333.42 Assam 7.0 6.38
Eastern Offshore 56.42 Bihar 6.0 6.48
Total Offshore 389.86 9.0 9.27

Punjab
Madhya Pradesh 6.0 5.45

Notes: Mmt – Million Metric Tonne,
mt – Million Tonne Total 215.07 222.50

OIL & GAS
KEY DOMESTIC OIL & GAS COMPANIES
Ownership
FY16* turnover
Company (per cent) as on
(USD billion)
FY14-15
Indian Oil Corporation 68.57 per cent
30.58
Limited state-owned
Reliance Industries Public Listed 25.91
Bharat Petroleum 54.93 per cent

4.19
Corporation Limited state-owned
Hindustan Petroleum 51.1 per cent

15.35
Corporation Limited state-owned
68.94 per cent

ONGC 11.27
state-owned
56.11 per cent

GAIL India Limited 43.78
state-owned
67.64 per cent

Oil India Limited 1.00
state-owned
Source: Bloomberg, TechSci Research

Note: FY – Indian Financial Year, April–March
FY16*- Data for half year ended September 2015
OIL & GAS
KEY INTERNATIONAL OIL & GAS COMPANIES OPERATING IN INDIA
Global turnover
Ownership
Company (FY16*)
(per cent)
(USD billion)
Cairn Energy India Pvt

Private Sector 0.80
Ltd
Shell Private Sector 211.98
BG Group Private Sector 121.19
BP Private Sector 55.88
Source: * - Indian counterpart,

Bloomberg; TechSci Research, Company websites
Note: FY16*- Data for half year ended September 2015

OIL & GAS
NOTABLE TRENDS IN THE OIL AND GAS SECTOR
• Government approved the CBM policy in 1997 to boost the development of clean and
renewable energy resources
Coal Bed Methane
• CBM is an eco-friendly natural gas (methane), which is absorbed in coal and lignite seams
(CBM) • The CBM policy was designed to be liberal and investor friendly; the first commercial
production of CBM was initiated in July 2007 at about 72,000 cubic metres per day
• The technology was first widely used in the US in the 1800s, and in India (Kolkata and
Mumbai) in the early 1900s
Underground Coal • UCG is currently the only feasible technology available to harness energy from deep
Gasification (UCG) unmineable coal seams economically in an eco-friendly manner
• The technology reduces capital outlay, operating costs and output gas expenses by 25–50
per cent vis-à-vis surface gasification
• The government initiated the National Gas Hydrate Programme (NGHP), a consortium of
national E&P companies and research institutions, to map gas hydrates for use as an
Gas hydrates and bio-
alternate source of energy
fuels • Bio-fuels (bio-ethanol and bio-diesel) are alternate sources of energy from domestic
renewable resources; these have lower emissions compared to petroleum or diesel
Open Acreage • The Open Acreage Licensing Policy (OLAP) has been initiated in parallel with NELP to
Licensing Policy increase foreign participation by global E&P companies like Shell, BP, Conoco Phillips etc.

OIL & GAS
PORTER FIVE FORCES ANALYSIS
JANUARY 2016
OIL & GAS
PORTER’S FIVE FORCES ANALYSIS
Competitive Rivalry
• Competitive rivalry is low as just one-two players operate in Upstream,

Midstream and Downstream segments
• Although a few private operators have entered the industry in the last Threat of New
couple of years, they do not pose any major threat as of now Entrants
(Low)
Threat of New Entrants Substitute Products
• Threat of new entrants • Threat is low, as other sources

continues to be low, due to the of energy like solar, wind, coal Bargaining Competitive Substitute
capital intensive nature of the and hydro electric power are Power of Rivalry Products
industry and economies of less developed. Pressure from Customers (Low) (Low)
scale alternative sources might rise in (Low)
future
Bargaining Power of Suppliers Bargaining Power of Customers

Bargaining
• Bargaining power is medium • Customers have low/non Power of
as despite few players existent bargaining power Suppliers
operating, government at • Customers are price-taker not (Medium)
times delays subsidy payment a price maker
to oil companies, thereby
increasing losses
Source: TechSci Research

OIL & GAS
STRATEGIES ADOPTED
JANUARY 2016
OIL & GAS
STRATEGIES ADOPTED … (1/2)
• Companies in India are currently setting up bases in newer geographies like Africa, and
thereby increasing their global footprints. For example, ONGC Videsh Limited (OVL),
Expansions which is ONGC’s subsidiary, has acquired significant space in Africa
• They are forming JVs and strategic tie ups with foreign companies to increase their
technical know-how and knowledge base
• Oil companies are focusing on vertical integration for next stage of growth. For instance,
oil producer Oil India Ltd is planning to build and operate refineries, while Indian Oil is
Diversification planning to enter oil & gas exploration
• Companies are diversifying into alternative energies such as wind power, solar and bio-
fuels
• Most Indian companies are now targeting shale gas reserves as a source of energy in
Move to non- future
conventional energy
• Companies are looking forward to developing JVs and technical partnership with foreign
resources
companies to improve capabilities to develop shale reserves

OIL & GAS
STRATEGIES ADOPTED … (2/2)
• Indian companies are enhancing production through redevelopment plans to increase

recovery rates of hydrocarbon from oil wells; ONGC in Mumbai High achieved success in
Investments to enhance
implementing this
production
• With exploration increasing not only in the country but also in outside geographies,
companies are pumping up R&D to focus on gasification technology and bio energy
• In recent years, major discoveries in the Barmer basin in Rajasthan and the offshore
More focus upon small Krishna-Godavari basin by smaller companies such as the Gujarat State Petroleum
companies Corporation and Andhra Pradesh Gas Infrastructure Corporation hold some potential to
diversify the country’s production
Focus on City Gas

• Government of India has come up with guidelines on allocation of domestic gas for
Distribution Network household and transportation sectors*, to boost the demand of natural gas in India
Pilot project Initiated for • Oil and Natural Gas Corp (ONGC) has started Shale Gas exploration by spudding the first
Shale Gas Production in Shale Gas well RNSG-1 in Burdwan District of West Bengal.
India

*-22nd August 2014
OIL & GAS
GROWTH DRIVERS
JANUARY 2016
OIL & GAS
PERSISTENT DOMESTIC DEMAND TO DRIVE THE MARKET
Increasing
Growing demand Policy support Innovation
investments
Expanding
India, fourth-
Supportive FDI production and Petroleum and
largest energy
policies distribution Natural Gas sector
consumer
facilities in India attracted an
Inviting Driving Resulting cumulative FDI of
USD6,619.83
Rise in population million during April
Promoting
and economic Increased R&D
investments in the 2000- September
growth to fuel activity
sector 2015
demand
Increasing Introducing Providing support Huge investments

industrialisation policies such as to global projects planned under the
and usage of gas CBM and NELP from India Twelfth Plan

OIL & GAS
GROWTH DRIVERS … (1/2)
Robust domestic • India is the world’s fourth-largest energy consumer

market; expected to • Oil consumption is expected to rise by 42.5 per cent during 2010–20
expand • The country is the fifth-largest importer of LNG
• Several industries are increasing the usage of natural gas in operations; this has boosted
Increasing demand for natural gas demand in India
natural gas • Some of the main industries that use natural gas are pulp and paper, metals, chemicals,
glass, plastic and food processing
• The nation has large coal, crude oil and natural gas reserves
Abundant raw material • Oil reserves amounted to 763.476 MMT in FY15
• Proved reserves of natural gas stood at 1.48 tcm in FY15
• The government has allowed 100 per cent FDI in E&P projects/companies; and 49 per
cent in refining under the automatic route from the earlier approval route
Favourable policies
• It has also introduced policies to promote investments in the industry such as New
Exploration Licensing Policy (NELP) and Coal Bed Methane (CBM)
Source: Ministry of Petroleum & Natural Gas, US Energy Information Administration,

BP Statistical Review of World 2015 Energy, June 2012; BMI, TechSci Research,
Notes: TCM - Trillion Cubic Metres, E&P - Exploration and Production

OIL & GAS
GROWTH DRIVERS … (2/2)
• Investments worth USD75 billion is expected across the oil & gas value chain under the
Huge investments erstwhile 12th Plan (2012–17)
• The nation offers abundant skilled labour at much competitive wages compared to other
countries
Skilled labour
• The University of Petroleum and Energy Studies in Dehradun, Uttarakhand, is Asia’s first
and only energy university
Massive gas pipeline • The country’s natural gas pipeline network amounted to over 17,421 km in 2015 and a
network proposed expansion of 30,000 kms is envisaged by 2018-19
• Several domestic companies (such as ONGC, Reliance and Gujarat State Petroleum)
Natural gas discoveries have reportedly found natural gas in deep waters
• This offers significant expansion opportunity over the next decade
Source: Ministry of Petroleum & Natural Gas, BMI, TechSci Research

Note: Kms- Kilometres

OIL & GAS
REGULATORY OVERVIEW OF THE INDUSTRY… (1/4)
Pricing of CNG and • In 2014, the pricing for CNG (transport) and PNG (domestic) were examined by the
PNG by CGD Entities Ministry while the disclose of prices of the CNG and PNG commodities were made
(2014) compulsory
The Policy on Shale • Allows companies to apply for shale gas and oil rights in their petroleum exploration
Gas & Oil, 2013 licenses and petroleum mining leases
Shale Gas & Oil • Approved in September 2013, it allows companies to explore energy resources trapped
Exploration Policy within rocks to meet India’s growing energy needs
The National Biofuel • Promotes bio-fuel usage, the Government of India has provided a 12.36 per cent
Policy, 2009 concession on excise duty on bio-ethanol and exempted bio-diesel from excise duty
Integrated Energy
Policy (IEP), 2006 • Outlines goals to deal with challenges faced by India’s energy sector

OIL & GAS
REGULATORY OVERVIEW OF THE INDUSTRY… (2/4)
Petroleum and Natural

Gas Regulatory Board • Regulate refining, processing, storage, transportation, distribution, marketing and sale of
(PNGRB) Act, 2006 petroleum, petroleum products and natural gas
Auto Fuel Policy, 2003 • Provide a roadmap to comply with various vehicular emission norms and corresponding
fuel quality upgrading requirements over a period of time
National Biofuel Policy,

• A 16 per cent concession on the excise duty on bio-ethanol and exemption of bio-diesel
2002
from excise duty to promote bio-fuel usage
Freight Subsidy (for far-

• Compensate public sector Oil Marketing Companies (OMCs) for the freight incurred to
flung areas) Scheme,
distribute subsidised products in far-flung areas
2002
Domestic Natural Gas • New domestic natural gas pricing formula has been formed, which will be revised on an
Pricing Formula, 2014 half yearly basis.

Note: NELP - New Exploration Licensing Policy

OIL & GAS
FDI INVESTMENTS IN PETROLEUM AND GAS IN INDIA
Cumulative FDI inflows in India’s petroleum and natural gas sector stood at USD6.6 billion (2.5 per cent of total FDIs) during
April 2000–September 2015
In Oil & Gas, FDI inflows totalled USD6.6 billion and USD5.5 billion in FY15 and FY14, respectively
Between FY10 and FY16*, FDI inflows into petroleum and natural gas grew at CAGR 16.06 per cent
FDI inflows into petroleum and natural gas FDI inflows into India
(USD billion) (USD billion)
CAGR: CAGR:
16.06% 6.6 6.6 14.83% 248.63 265.26
5.4 5.5 217.7

193.4
170.4
3.2 3.3 129.8

115.7
2.7
FY10 FY11 FY12 FY13 FY14 FY15 FY16 * FY10 FY11 FY12 FY13 FY14 FY15 FY16 *
Source: Department of Industrial Policy & Promotion, TechSci Research

Note:FY16* –Up to September 2016

OIL & GAS
M&A ACTIVITIES IN THE INDIAN OIL AND GAS SECTOR
Date announced Acquirer name Target name Value of deal (USD million)
Dec 2015 ONGC Videsh Ltd (OVL) Vankor oil field 1260
Jan 2015 Bharat Forge Mecanique Generale Langroise 12.82
Jun 2014 Gulf Petrochem Ltd Sah Petroleums Limited 7.13
Mar 2014 IOCL Progress Energy Canada Ltd Not disclosed
Oct 2013 ONGC Videsh Ltd Parque das Conchas, Brazilian Oilfield 529
ONGC Videsh Ltd (in partnership
Jun 2013 Rovuma Area 1 Offshore Block 2640
with Oil India Ltd)
Nov 2012 ONGC Videsh ConocoPhillips (Kashagan Field) 5,000.0
Oil and Natural Gas Corp’s exploration block
Nov 2012 Inpex Corp Not disclosed
KG-DWN-2004/6
Sep 2012 ONGC Videsh Hess Corp (Azrei oilfield) 1,000.0
Apr 2012 Trafigura Pte Ltd Nagarjuna Oil Co Ltd 130.0
Apr 2011 Sesa Goa Ltd Calm India Ltd 1,492.0
Feb 2011 BP PLC Reliance Industries Ltd 9,000.0
Aug 2010 BPRL EP413 13.4
Aug 2010 Sesa Goa Ltd Cairn India Ltd 1,180.8
Aug 2010 Vedanta Resources PLC Cairn India Ltd 6,568.5
Aug 2010 Reliance Industries Ltd Marcellus Shale Natural Gas 391.6
Source: Thomson Banker, TechSci Research

OIL & GAS
OPPORTUNITIES
JANUARY 2016
OIL & GAS
OPPORTUNITIES
Upstream segment Midstream segment Downstream segment
• Locating new fields for exploration: 78 • Expansion in the transmission network • India is already a refining hub with 21
per cent of the country’s sedimentary of gas pipelines refineries and expansions planned for
area is yet to be explored tapping foreign investment in export-
• LNG imports have increased oriented infrastructure, including
• Development of unconventional significantly; this provides an product pipelines and export
resources: CBM fields in the deep sea opportunity to boost production terminals
capacity
• Opportunities for secondary/tertiary oil • Development of City Gas Distribution
producing techniques • In light of mounting LNG production, (CGD) networks, which are similar to
huge opportunity lies for LNG terminal Delhi and Mumbai’s CGDs
• Higher demand for skilled labour and operation, engineering, procurement
oilfield services and equipment and construction services • Expansion of the country’s petroleum
product distribution network

OIL & GAS
SHALE GAS PROSPECTS OF INDIA
• India has technically recoverable shale gas resources of nearly 96 tcf
• The Cambay, Krishna Godavari, Cauvery, and the Damodar Valley are the most prospective sedimentary basins for carrying out
shale gas activities in the country
• Around 20 tcf of gas has been classified as technically recoverable reserves in the Cambay basin in Gujarat (the largest basin in
the country) spread across 20,000 gross square miles with a prospective area of 1,940 square miles
• It is estimated that the Krishna Godavari (KG) basin encloses a series of organically rich shales, containing around 27 tcf of
technically recoverable gas. KG basin, located in Eastern India, holds the country’s largest shale gas reserves, extending over
7,800 gross square miles with a prospective area of around 4,340 square miles
• In April 2013, the Directorate General of Hydrocarbons (DGH) submitted its policy on exploitation of shale gas to the Ministry of
Petroleum and Natural Gas
• India launched its policy on shale gas exploration to tap the non-conventional energy resource in order to boost output
Source: E&Y; Ministry of Petroleum & Natural Gas, TechSci Research

Note: tcf – Trillion Cubic Feet

OIL & GAS
SUCCESS STORIES
JANUARY 2016
OIL & GAS
ONGC: CONTINUING ON STRONG GROWTH PATH
ONGC revenue growth (USD billion)
30.80 29.80
28.70
25.80 26.39
24.10 22.90
21.50
11.27
• Record
• Recorded ed net
• Reported net profit profit of
net profit of USD4.4 • In the year
of USD3.9 USD4.5 billion in 2015,
• Domest billion in billion in 2014 company
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16*
ic crude 2011 produced
2013
product 25.94
• Highest ion up • Highest- million
reserve tonnes of
accretion
2.1 per ever
crude oil
ONGC’s position in the Indian market
cent dividend
in the last payout of and 23.52
• Registere two bcm of gas • ONGC is the largest upstream oil company
USD1.6
d highest- decades
ever oil 83.5
billion • It accounts for 59.43 per cent of India’s total crude
production million toe oil output and 65.43 per cent of total gas
production (FY15)
Source: Company reports, TechSci Research

Notes: TOE – Tonne of Oil Equivalent,
* - Revenue is for half year ended September 2015

OIL & GAS
IOCL: FLAGSHIP OF INDIAN REFINING
Indian Oil Group of Companies owns and operates 10 of India’s 22 refineries with a capacity of 1.30 mbpd
In 2015, IOCL was ranked 119 in the Fortune Global 500 list
In 2015, Its network of crude oil and product pipelines runs to about 11081 Km
Subsidiary CPCL accounts for 49 per cent of market share in petroleum products
FY15 FY16*
• Second-largest player in
India’s petrochemical market Turnover USD73.57 billion USD30.58 billion
• Has interests in 13 domestic

and 11 overseas blocks
• Foraying into alternative EBITDA USD1.7 billion USD1.40 billion

sources of energy like wind
and solar
Net profit USD0.8 billion USD1.0 billion

FY16*- Half yearly ended as on September 2015

OIL & GAS
RELIANCE INDUSTRIES: WELL POSITIONED FOR GROWTH
Reliance Industries has the biggest petrochemical refining complex in the world
The company was ranked 158th in the Fortune Global 500 list 2015
It contributes 14 per cent to India's exports and is going to invest around USD30 billion to improve its businesses in the next
three years
FY15 FY16*
• Exports surged by 4.5 per cent

Turnover USD61.4 billion USD25.91 billion
to USD46 billion
• Record crude throughput at

68.5 million tonnes
EBITDA USD6.1 billion USD4.05 billion
• US shale: Shale Gas
Production in FY15 198 Bcf.
Net profit USD3.8 billion USD2.12 billion
• Reliance Industries has entered into JVs with various companies across segments to align growth opportunities; it signed JVs
with Atlas, Pioneer, Carrizo SIBUR, and D.E. Shaw as well as entered into a strategic alliance with BP recently

Note: *Revenue fallen due to negative translation effect

OIL & GAS
USEFUL INFORMATION
JANUARY 2016
OIL & GAS
INDUSTRY ASSOCIATIONS
Name Address Contact person Telephone E-mail

Mr T S Balasubramanian,
Oil Industry Development 301, World Trade Centre, Babar 91-11- 23413298
Financial Adviser and Chief oidb@hotmail.com
Board (OIDB) Road, New Delhi – 110001 91-11- 23414692
Accounts Officer
Petroleum Conservation Sanrakshan Bhavan, 10 Bhikaji

Research Association Cama Place, New Delhi – Mr Arun Kumar, ED 91-11- 26198799 Ext.301 pcra@pcra.org
(PCRA) 110066
Ministry of Power, 4th floor,

Bureau of Energy Dr Ajay Mathur, Director 91-11- 26178316, dg-bee@nic.in,
SEWA Bhawan, RK Puram,
Efficiency (BEE) General 91-11- 26179699 amathur@beenet.in
New Delhi – 110066
Ministry of Petroleum & Natural

Oil Industry Safety Gas, 7th floor, “New Delhi
Mr J B Verma, ED 91-11- 23316798 verma.jb@gov.in
Directorate House”, 27 Barakhamba Road,
New Delhi – 110001

Gas, 2nd floor, Core-8, SCOPE
Petroleum Planning and Dr Basudev Mohanty, 91-11- 24362501, 91-
Complex, 7 Institutional Area, -
Analysis Cell (PPAC) Director 11- 24361380
Lodhi Road, New Delhi –
110003

Directorate General of Mr S K Srivastava, Director
Gas, C-139, Sector 63, Noida – 0120 - 4029401 dg@dghindia.org
Hydrocarbons General
201301

OIL & GAS
GLOSSARY… (1/3)
B/D (or bpd): Barrels Per Day
MBPD (or mbpd): Million Barrels Per Day
BCM (or bcm): Billion Cubic Metres
CBM: Coal Bed Methane
CGD: City Gas Distribution
E&P: Exploration and Production
FDI: Foreign Direct Investment
FY: Indian Financial Year (April to March)
So FY12 implies April 2011 to March 2012
GoI: Government of India
INR: Indian Rupee
LNG: Liquefied Natural Gas

OIL & GAS
GLOSSARY… (2/3)
MMT (or mmt): Million Metric Tonne
MMTPA (or mmtpa): Million Metric Tonnes Per Annum
EBITDA: Earning Before Interest Taxes Depreciation Amortisation
NRL: Numaligarh Refinery Limited
CPCL: Chennai Petroleum Corporation Limited
HPCL: Hindustan Petroleum Corporation Limited
BPCL: Bharat Petroleum Corporation Limited
IOC: Indian Oil Corporation Ltd
EOL: Essar Oil Ltd
RPL: Reliance Petroleum Limited
MRPL: Mangalore Refinery and Petrochemicals Limited
PCCK: Petronet Cochin-Coimbatore-Karur
PMHB: Petronet Mangalore-Hassan-Bangalore

OIL & GAS
GLOSSARY… (3/3)
NELP: New Exploration Licensing Policy
TOE (or toe): Tonnes of Oil Equivalent
USD: US Dollar
ONGC: Oil and Natural Gas Corporation of India
IOCL: Indian Oil Corporation Limited
mn bbl: Million Barrels
CAGR: Compound Annual Growth Rate
JV: Joint Venture
UCG: Underground Coal Gasification
NGL: Natural Gas Liquids
OMCs: Oil Marketing Companies
NHGP: National Gas Hydrate Programme
Wherever applicable, numbers have been rounded off to the nearest whole number

OIL & GAS
EXCHANGE RATES
Exchange rates (Fiscal Year) Exchange rates (Calendar Year)
Year INR equivalent of one USD Year INR equivalent of one USD
2004–05 44.81 2005 43.98

2005–06 44.14
2006 45.18
2006–07 45.14
2007 41.34
2007–08 40.27
2008 43.62
2008–09 46.14
2009–10 47.42 2009 48.42
2010–11 45.62 2010 45.72
2011–12 46.88 2011 46.85

2012–13 54.31
2012 53.46
2013–14 60.28
2013 58.44
2014-15 61.06 2014 61.03
2015-16(Expected) 61.06 2015(Expected) 63.72

Source: Reserve bank of India,
Average for the year
OIL & GAS
DISCLAIMER
India Brand Equity Foundation (“IBEF”) engaged TechSci to prepare this presentation and the same has been
prepared by TechSci in consultation with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The
same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any
medium by electronic means and whether or not transiently or incidentally to some other use of this presentation),
modified or in any manner communicated to any third party except with the written approval of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of TechSci and IBEF’s knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.
TechSci and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither TechSci nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission
on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

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JANUARY 2016 For updated information, please visit www.ibef.org 1

JANUARY 2016 For updated information, please visit www.ibef.org 2

JANUARY 2016 For updated information, please visit www.ibef.org 3

Growing demand Skilled workforce

• Equivalent from 637 million Tonnes of

MARKET OVERVIEW AND TRENDS

Upstream • State-owned ONGC dominate the upstream segment

JANUARY 2016 For updated information, please visit www.ibef.org 7

Rapid economic growth is leading to greater outputs, which

With rising income levels, demand for automobile is

2008 2009 2010 2011 2012 2013 2014 2016E

Source: Ministry of Oil & Natural Gas, BP Statistical Review 2015

JANUARY 2016 For updated information, please visit www.ibef.org 8

Despite being a net importer of crude oil, India has become

0.7 0.8 0.8 1.0 1.0 1.0

FY10 FY11 FY12 FY13 FY14 FY15

JANUARY 2016 For updated information, please visit www.ibef.org 9

Demand is not likely to simmer down any time soon, given

2007 2008 2009 2010 2011 2012 2013 2014

Gas Consumption Proven Gas Reserves

JANUARY 2016 For updated information, please visit www.ibef.org 10

Domestic production accounts for more than three-quarter 56

India’s LNG imports are forecasted to increase at a CAGR

JANUARY 2016 For updated information, please visit www.ibef.org 11

FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15

FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15

Onshore Offshore Source: Ministry of Petroleum & Natural Gas,

JANUARY 2016 For updated information, please visit www.ibef.org 12

23096 23095 23316 23549 23284 24000

ONGC OIL Private/JV

Source: Ministry of Petroleum & Natural Gas; TechSci Research

Notes: bcm – Billion Cubic Metres,

mmscmd-- Million Metric Standard Cubic Meter Per Day,

FY08-09 FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15

JANUARY 2016 For updated information, please visit www.ibef.org 13

Exploration activities (FY15*) Development drilling activities (FY15*)

Wells Metreage Wells Metreage

Source: Ministry of Petroleum & Natural Gas, TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 14

Source: Ministry of Petroleum & Natural Gas, TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 15

Capacity of Crude Oil Pipelines (MMTPA)

Total 76.56 16.84 32.02 3.83 10.12 23.39 8.50 - 184.63

Source: Ministry of Petroleum & Natural Gas; TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 16

Source: Ministry of Petroleum & Natural Gas, TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 17

India has 19 refineries in the public sector and three in the

Source: Ministry of Petroleum & Natural Gas, TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 18

11.07% CPCL 135 135.1

6.97% 12.78% MRPL

Source: Ministry of Petroleum & Natural Gas, PPAC, TechSci Research

JANUARY 2016 For updated information, please visit www.ibef.org 19

During FY15, India consumed 165 mmt of petroleum products

Petroleum Products-wise Consumption from Production of LPG By Fractionators (mmt)

82.70 81.83 82.78 2.09

41.44 43.87 46.27 47.58 50.85

Light Distillates Middle Distillates Heavy Ends

Exploration activities (FY15) Development drilling activities (FY15)