BMI View: We continue to grow more bullish on India's upstream sector, in light of continued and tangibleprogress on fiscal and pricing reforms within the country. While the full gains of these reforms will not befelt for a number of years, they have been reflected in upward revisions to our oil and gas productionforecasts. Consumption has somewhat disappointed YTD, due to the disruptions caused by India'sdemonetisation drive and severe flooding in parts of the country. However, we forecast accelerated demandgrowth over 2018. The longer-term outlook remains heavily bullish, supported by positive economic, sectorand demographic fundamentals.
Latest Updates And Key Forecasts
The Indian government's decision to raise the natural gas price for undeveloped discoveries inundeveloped deepwater, ultra deepwater and high temperature-high pressure areas, alongside regulatoryimprovements, will spur exploration and help unlock resources in a number of prospective plays,including those in the Krishna-Godavari basin.