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India Oil

  • April 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 38 pages

This report profiles India's oil and gas industry, discussing market trends through 2013 and outlook for 2014 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 industry saw a period of consistent growth during the last decade after the government partially deregulated the sector. However, the sector is still regulated by the government through the Ministry of Petroleum and Natural Gas which is responsible for the exploration, production, distribution, marketing as well as 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 of India. Various types of taxes are levied on oil, gas and petroleum products in India, including sales tax charged by the state governments and excise taxes charged by the central government.

Industrial production in India went through a period of extended slowdown during the last two years. Indian oil and gas sector also saw a challenging period in FY14. The upstream segment witnessed a decline in production of crude oil as well as natural gas. The downstream segment was also affected by shutdowns and maintenance issues subsequently recording a subdued growth in refined crude throughput. The domestic production was also marred by regulatory issues particularly related to pricing. Domestic crude and natural gas production was also insufficient to meet the demand. As a result, a large proportion of the requirement was met through imports thus disturbing the trade balance in the sector as well as the economy.

Government subsidies have been another concern in the sector. Though the government has tried to reduce it by gradually implementing the suggestions of Kelkar committee report, yet it still is a big drain on the country's fiscal balance as well as the profitability of public sector companies.

Regulatory policies have a huge bearing on India's oil and gas sector. Hence, the medium term fate of this sector hinges on the results of 2014 general elections due in May 2014. The policies of the incoming government will decide how things will shape up in this sector. Till then the sector will be marred by regulatory uncertainties.

Key Points:

o Oil and gas imports accounted for 33% of the total Indian imports in FY13. The sector also accounted for 51% of the country's trade deficit. Total trade deficit in oil and gas sector grew at a CAGR of 30% during 2005-13.

o India's share in the world crude oil reserves was around 0.3% and in natural gas reserves was around 0.6% as of 2012. Majority of recoverable reserves in India are situated in off-shore locations. As of FY13, offshore reserves accounted for 56% of total crude oil reserves and 74% of the natural gas reserves in India.

o India's share in the world crude oil production was around 1%. Crude oil production grew at a CAGR of 1.4% during 2005-13. Crude refining throughput grew at a CAGR of 7% during the same period.

o Crude oil production has a weightage of 5.22% in the Index of Industrial Production (IIP), while natural gas production and refinery products have a weightage of 1.71% and 5.94% respectively. Both crude oil and natural gas production, i.e. upstream business, slipped in 11MFY14. The downstream segment comprising refining industries also registered a subdued growth during this period.

Table Of Contents

India Oil
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 and 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 and 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: 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: Crude oil production by states

Chart 27: Natural gas production in India

Chart 28: Natural gas production by companies

Chart 29: Natural gas production in India by states

Chart 30: Annual refinery crude throughput in India

Chart 31: Share of crude throughput by companies

Chart 32: Refined crude throughput by companies

Chart 33: Capacity utilization of refiners

Chart 34: Deficit between production and consumption of crude oil in India

Chart 35: Surplus recorded in production of petroleum products

Chart 36: Net imports of crude oil in value terms

Chart 37: Net exports of petroleum products in value terms

Chart 38: Annual average price of crude oil

Chart 39: Monthly average price of crude oil

Chart 40: Under recoveries of OMCs on kerosene and domestic LPG

Chart 41: Share of under recoveries of OMCs by product category

Chart 42: Annual production of ONGC

Chart 43: Annual revenues of ONGC

Chart 44: Profit margins of ONGC

Chart 45: Annual refined crude throughput of IOCL

Chart 46: Annual revenues of IOCL

Chart 47: Profit margins of IOCL

Chart 48: Annual refined crude throughput of RIL

Chart 49: Annual revenues of RIL

Chart 50: Profit margins of RIL

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