India Oil & Gas Q2 2018
Activity in the Indian upstream continues to pick up pace, on the back of ongoing regulatory and pricing reform, with alarge number of discovered fields and exploration blocks up for auction in 2018. However, foreign participation will likely remainmuted over the coming years, as the global sector continues its slow recovery from the collapse in oil prices. Commitment to majorgas projects in the KG basin has raised our gas production forecast, although the outlook for crude remains somewhatchallenged. Consumption disappointed in 2017, as the country grappled with the effects of the demonetisation drive and theimplementation of the GST. However, we forecast a strong rebound in 2018 and over the longer term, supported by positiveeconomic, sector and demographic fundamentals.
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