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India Oil & Gas Industry Report - 2015

India Oil & Gas Industry Report - 2015

This report profiles India’s oil and gas industry, discussing market trends through 2014 and outlook for 2015 and beyond. The report also highlights leading players in the sector including Oil and Natural Gas Corporation Ltd, Indian Oil Corporation Ltd and Reliance Industries Ltd.

India’s oil and gas sector saw a period of consistent growth during the last decade after the government partially deregulated the sector. The sector is still under strict control by government through the Ministry of Petroleum and Natural Gas, which is responsible for the exploration, production, distribution, marketing and pricing of oil, natural gas and petroleum products. The sector also acts as a major source of revenue generation for the central and state governments. Various types of taxes are levied on oil, gas and petroleum products in India. These include sales tax charged by the state governments and excise taxes charged by the central government.

The oil and gas sector faced a tough year in FY15. The upstream segment saw a decline in the production of crude oil and natural gas. The downstream segment also recorded a subdued growth in refined crude throughput. The domestic sales were marred by the steep decline in oil prices. However, the decline in crude prices helped the government in reducing the trade deficit and subsidies in the sector. It also helped the government in going forward with the deregulation of diesel prices, thus implementing the suggestions of Kelkar committee report.

The long-term outlook for the Indian oil and gas sector is positive, driven by rising per capita energy consumption, rising middle class, greater ownership of vehicles and growth in industrial production.

Key Points:

• Indian crude refining capacity was at 215 million metric tonnes per annum (MMTPA) in end-FY15. The public sector dominates the refining sector; accounting for 56% of the country’s installed refining capacity as of FY15.

• The sector directly contributes to the central and government exchequers through different taxes levied on oil and gas products. During 2006-13, total contribution of the oil and gas sector to the government exchequers grew at a CAGR of 11%.

• India’s share in world crude oil production was around 1%. Domestic production of crude oil grew at a CAGR of 1.4% during 2005-13, while domestic crude refining throughput grew at a CAGR of 7%. In FY14, it saw a growth of 10%.

• The annual average price of crude oil (Indian basket) grew at a CAGR of 21% during 2005-09. The price declined by 3.5% in FY13 and by around 2% in FY14, bringing some relief to refiners. In FY15, it saw a steep decline of 20% y/y, which led to lower growth in the production value across all segments.

1. Industry Profile
1.1 Sector overview
1.2 Sector size
1.3 Competitive landscape
1.4 Environmental scanning

2. Market Trends and Outlook
2.1 Key economic indicators-India
2.2 Reserves and exploration
2.3 Production trends
2.4 Refining
2.5 Consumption
2.6 Trade
2.7 Price
2.8 Under recoveries
2.9 Market outlook

3. Leading Players and Comparative Matrix
3.1 Leading Players
3.1.1 Oil & Natural Gas Corporation Limited (ONGC)
3.1.2 Indian Oil Corporation Limited (IOCL)
3.1.3 Reliance Industries Limited (RIL)
3.2 Comparative matrix
3.3 SWOT analysis

4. Tables and Charts
Table 1: Highlights of Kelkar committee report on fiscal consolidation-oil subsidies
Table 2: Major oil & gas basins in India
Table 3: Key financial ratios of the leading players

Chart 1: Annual crude refining capacity-India
Chart 2: Share of installed refining capacity
Chart 3: Share of companies by installed crude refining capacity
Chart 4: Share of companies in terms of crude oil production
Chart 5: Breakup of total energy consumption in India
Chart 6: Imports of crude oil by source
Chart 7: Contribution of oil and natural gas sector to government exchequer
Chart 8: Breakup of oil and sector revenues to Central/State Governments
Chart 9: Breakup of total Central Government subsidies
Chart 10: Trade deficit of India
Chart 11: India's top oil and gas companies by net sales
Chart 12: Breakup of cumulative grid deployment of renewable energy sources
Chart 13: Current account deficit and fiscal deficit
Chart 14: Oil consumption per capita
Chart 15: Quarterly GDP growth rate-India
Chart 16: Average Monthly USD to INR Exchange Rate
Chart 17: Inflation during FY14-India
Chart 18: Repo rate
Chart 19: Weights of different industries in Index of industrial production
Chart 20: Y/Y change in index of industrial production
Chart 21: Recoverable oil and natural gas reserves in India
Chart 22: Ownership share in Indian oil and gas fields
Chart 23: Lifecycle status of wells in India
Chart 24: Crude oil production in India
Chart 25: Crude oil production in India by companies
Chart 26: Natural gas production in India
Chart 27: Natural gas production by companies
Chart 28: Annual refinery crude throughput in India
Chart 29: Refined crude throughput by companies
Chart 30: Deficit between production and consumption of crude oil in India
Chart 31: Surplus recorded in production of petroleum products
Chart 32: Net imports of crude oil in value terms
Chart 33: Net exports of petroleum products in value terms
Chart 34: Annual average price of crude oil
Chart 35: Monthly average price of crude oil
Chart 36: Under recoveries of OMCs on kerosene and domestic LPG
Chart 37: Share of under recoveries of OMCs by product category
Chart 38: Annual production of ONGC
Chart 39: Annual revenues of ONGC
Chart 40: Profit margins of ONGC
Chart 41: Annual refined crude throughput of IOCL
Chart 42: Annual revenues of IOCL
Chart 43: Profit margins of IOCL
Chart 44: Annual refined crude throughput of RIL
Chart 45: Annual revenues of RIL
Chart 46: Profit margins of RIL

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