Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Introduction 11
2.1 What Is This Report About? 11
2.2 How To Use
This Report 11
2.3 Market Definition 11
3 India, Country Snapshot
12
3.1 India, Key Data 12
3.2 India, Exploration and Production Assets
Map 13
3.3 India, Crude Oil & Natural Gas Reserve 14
4 India, Crude
Oil And Natural Gas Production 16
4.1 India, Historical Crude Oil
Production 16
4.2 India, Historical Natural Gas Production 17
4.3
India, Crude Oil And Natural Gas Producing Asset Details 18
4.4 India,
Crude Oil Production Assets by Area 20
4.5 India, Natural Gas Production
Assets by Area 21
4.6 India, Planned Production Assets Details 22
4.7
India, Crude Oil Production by Company 23
4.8 India, Natural Gas
Production by Company 24
5 India, Crude Oil And Natural Gas Forecasts
25
5.1 India, Forecasted Crude Oil Production 25
5.2 India, Forecasted
Natural Gas Production 25
6 India, Exploration Block Details 26
6.1
India, Total Number of Active Exploration Blocks 26
6.2 India, Total
Number of Exploration Blocks by Company 27
6.3 India, Exploration Blocks
Details 29
6.4 Blocks Awarded under NELP VII 43
6.5 India, Planned
Exploration Blocks Details 46
7 India Exploration and Production Industry,
Financial Deals Landscape 48
7.1 Merger 48
7.1.1 Indian Oil
Corporation Merges With Bongaigaon Refinery 48
7.2 Acquisition 49
7.2.1 IVRCL Infrastructures & Projects Acquires Alkor Petroo From Gorlas
49
7.2.2 Indian Oil Corporation To Acquire 5% Stake In Oil India 51
7.2.3 Assam Company To Sell A Portion Of Its Gujarat Hydrocarbon & Energy SEZ
52
7.2.4 Indian Oil Plans To Sell Its Stake In ONGC and Gail 54
7.2.5
BPCL To Acquire 2.5% Stake In Oil India 55
7.3 Private Equity 57
7.3.1
Citi Venture Capital Acquires Minority Stake In Shiv-Vani Oil and Gas
Exploration Services 57
7.4 IPO 58
7.4.1 Indus Gas Completes Initial
Public Offering 58
7.4.2 Oil India Plans Initial Public Offering 59
7.4.3 Essar Oil To Raise $2,000 Million 60
7.4.4 Cairn India Announces
Private Placement Of $628.28 Million 61
7.4.5 Great Eastern Energy Plans
For Secondary Offering 63
7.4.6 Gulf Oil Corporation To Raise $100 Million
64
7.5 Partnership 65
7.5.1 Shell Partners With Arrow Energy 65
7.5.2 StatoilHydro Enters Into A Joint Venture With Oil and Natural Gas
Corporation 67
7.5.3 Rocksource Signs Joint Venture Agreement With Oil and
Natural Gas Corporation 68
7.5.4 Reliance Industries To Form Joint Venture
With GAIL 69
7.5.5 Indian Oil Corporation To Form Joint Venture With
Egyptian General Petroleum Corporation 71
7.5.6 Kuwait Petroleum To Form
Joint Venture With Indian Oil Corporation And Reliance Industries 72
7.5.7
Indian Oil Corporation To Form A Joint Venture With Deep Industries 74
7.5.8 Cairn And ONGC Enter Into Partnership 75
7.6 Asset Transactions
76
7.6.1 Videocon Energy Resources Acquires 10% Stake In Mozambique Oil
Block For $75 Million 76
7.6.2 ONGC Acquires 30% Interest In CB-ON-7
78
7.6.3 Oil and Natural Gas Corporation Acquires Additional 30% Interest
In Cambay Basin From Hindustan Oil Exploration 80
7.6.4 BG Group To
Acquire Interest In Krishna Godavari And Mahanadi Basin Block From Oil and
Natural Gas 81
7.6.5 MOL Signs Agreement To Acquire 35% Stake In
Exploration Block 82
7.6.6 ONGC To Sell Its Stake In Block KG-DWN-98/2 To
Petrobras International Braspetro And Hydro Oil and Energy India 84
7.6.7
Rocksource To Acquire 10% Equity Interest In CY DWN 2001/1 From ONGC 85
7.6.8 Canoro Resources To Acquire 30% Interest In Two Exploration Production
Sharing Contracts 88
8 India Exploration and Production Industry, Recent
Developments 90
8.1 License Rounds 90
8.1.1 Jul 15, 2008: India To
Offer More Oil Blocks In Nelp-VIII 90
8.1.2 Jun 30, 2008: India Awards
Exploration Rights For 57 Oil And Gas Areas 90
8.1.3 Jun 30, 2008: India
Receives 181 Bids For Exploration Blocks Offered Under NELP-VII 91
8.2
License Awards 93
8.2.1 Jul 22, 2008: OVL Gears Up To Bid For Ecuador
Blocks 93
8.2.2 Jul 14, 2008: Indian Firms Show Interest In Australian
Exploration Blocks 94
8.2.3 Jul 10, 2008: Trinidad & Tobago Signs PSCs For
Blocks NCMA 2, SWP 95
8.2.4 Jul 09, 2008: Avery Receives NELP-VII
Provisional Award Of Block CY-ONN-2005/1 95
8.2.5 Jul 07, 2008: Indian
Firms Lose Nigerian Licenses 96
8.2.6 Jul 07, 2008: Cairn India Signs
Exploration Pact With Sri Lanka 97
8.2.7 Jul 02, 2008: ONGC And Its
Partners Win Most Exploration Blocks In Nelp-VII 97
8.2.8 Jul 01, 2008:
GVK-BHP Billiton Consortium Receives NELP-VII Exploration Blocks 98
8.2.9
Jul 01, 2008: Indian Consortium May Receive Farsi Field Rights From Iran
98
8.2.10 Jun 30, 2008: BP And RIL Jointly Bid For NELP-VII Blocks 99
8.2.11 Jun 26, 2008: OVL Receives Approval To Invest In Trinidad & Tobago And
Brazil Blocks 99
8.2.12 Jun 22, 2008: OMEL Receives Drill Permit For Oil
In Trinidad And Tobago 99
8.2.13 Jun 17, 2008: Trinidad And Tobago Offers
Exploration Licenses 100
8.3 Strategy and Business Expansion 100
8.3.1
Jul 08, 2008: RIL And Petroperu Sign Joint Exploration Pact 100
8.3.2 Jun
30, 2008: Oswal To Venture Into E&P With Nelp-VII 100
8.3.3 Jun 28, 2008:
RIL To Choose A Partner To Bid For Nelp Blocks 101
8.3.4 Jun 24, 2008:
Crescent Teams Up With Reliance E&P, To Jointly Work On Oil And Gas Projects
101
8.3.5 Jun 17, 2008: RIL Plans To Explore For Oil In Peru 102
8.3.6
Jun 17, 2008: GeoGlobal Submits FDP To Government of India To Develop The
Kalol Reservoir 102
8.4 Recent Discoveries 103
8.4.1 Jul 17, 2008:
GSPC Finds New Gas Reserve In KG Basin, India 103
8.4.2 Jun 10, 2008:
Oilex Strikes Gas At Cambay-19Z Well 103
8.5 Drilling and Production
Updates 104
8.5.1 Sep 09, 2008: Oilex Updates On Operations In India And
Oman 104
8.5.2 Sep 02, 2008: Oilex Updates On Cambay-73 Well In India
104
8.5.3 Sep 01, 2008: ONGC To Commence CBM Production In India 105
8.5.4 Aug 26, 2008: Hardy Updates On GS-01 Block In India 105
8.5.5 Aug
22, 2008: Indus Updated On SSG-1 Well In Block RJ-ON/6, India 105
8.5.6
Aug 19, 2008: Oilex Updates On Cambay-73 And Cambay-19Z Wells 106
8.5.7
Aug 14, 2008: GeoGlobal Updates On Exploration Activities In India 107
8.5.8 Aug 14, 2008: Niko To Produce Gas From Dhirubhai 1 And 3 Discoveries In
D6 Block, KG Basin 108
8.5.9 Jul 29, 2008: Indus Updates On SPF-1 Well
In Block RJ-ON/6, India 109
8.5.10 Jul 29, 2008: Oilex Commences Drilling
At Cambay-73 Well, India 110
8.5.11 Jul 28, 2008: ONGC To Restart
Exploration On Kochi-Konkan Coast 111
8.5.12 Jul 15, 2008: Canoro Updates
On Amguri Development Block 111
8.5.13 Jul 14, 2008: Norwest To Spud
Wisteria 1 Well In AC/P 32 Permit 112
8.5.14 Jul 10, 2008: DIL To Drill
Marginal Oil And Gas Fields For ONGC 113
8.5.15 Jul 09, 2008: Essar To
Drill Gas Well At Inland Block In Myanmar 113
8.5.16 Jul 02, 2008: Oilex
Updates On Cambay-19Z Well 113
8.5.17 Jun 26, 2008: ONGC To Flow First Gas
From KG Basin In 2013 114
8.5.18 Jun 25, 2008: RIL To Pump Natural Gas
From KG-D6 Field By September 2008 114
8.5.19 Jun 24, 2008: Oilex Provides
Operational Update 115
8.5.20 Jun 19, 2008: RIL To Explore Block NEC-25 In
Coming Months 115
8.5.21 Jun 12, 2008: OVL Reports Oil And Gas Production
For Fiscal 2006-07 116
8.6 Financial Announcements 116
8.6.1 Jul 31,
2008: EOL Reports 1Q Fiscal 2008 Results 116
8.6.2 Jul 31, 2008: Assam
Company Reports 2Q 2008 Results 117
8.6.3 Jul 30, 2008: IOC Reports 1Q
Fiscal 2008 Results 117
8.6.4 Jul 29, 2008: Cairn India Reports 2Q 2008
Results 118
8.6.5 Jul 28, 2008: BPCL Reports 1Q Fiscal 2008-09 Results
121
8.6.6 Jul 28, 2008: ONGC Reports 1Q Fiscal 2009 Results 121
8.6.7
Jul 24, 2008: RIL Reports 1Q Fiscal 2008-09 Results 123
8.6.8 Jun 26,
2008: ONGC Reports Fiscal 2008 Results 126
8.6.9 Jun 20, 2008: ESPL
Reports Fiscal 2007/08 Results 127
8.7 Other Significant Developments
127
8.7.1 Sep 05, 2008: India And Colombia Execute Cooperation Agreement
On Energy Sector 127
8.7.2 Aug 28, 2008: Ex-Im Bank Issues $400 Million To
RIL For Oil And Gas Exploration And Development In India 128
8.7.3 Aug 26,
2008: Cairn To Start Oil Production At Rajasthan Field In India By Next Year
128
8.7.4 Aug 25, 2008: ONGC To Invest $105 Million To Enhance Exploration
And Production Capabilities 129
8.7.5 Aug 12, 2008: Oilex Updates On
Cambay-19Z Well And Cambay-73 Well, India 129
8.7.6 Aug 06, 2008: GAIL To
Spend INR7.69 Billion On Oil And Gas Exploration In India And Abroad 130
8.7.7 Aug 05, 2008: Oilex Updates On Cambay Field Appraisal Program In India
130
8.7.8 Jul 30, 2008: Tullow Updates On C1 Well In Block CB-ON-1, India
131
8.7.9 Jul 24, 2008: India' s Crude Oil Output Down 4.6% In June 2008
131
8.7.10 Jul 24, 2008: GAIL Signs MoU With BPCL For Natural Gas
Transmission 132
8.7.11 Jul 23, 2008: Clough' s Appeal In Dispute With ONGC
Being Dismissed By Federal Court Of Australia 132
8.7.12 Jul 22, 2008:
Oilex Updates On Operations In Cambay Field, India 133
8.7.13 Jul 17,
2008: GSPC To Spend $1 Billion On Developing KG Basin 135
8.7.14 Jul 16,
2008: Hardy Provides Operations Update 135
8.7.15 Jul 16, 2008: Brownstone
Updates On Indian Operations 136
8.7.16 Jul 15, 2008: India Signs MoU With
Western Australia To Cooperate In Oil And Gas Sector 136
8.7.17 Jul 15,
2008: Oilex Provides Operations Update 136
8.7.18 Jul 10, 2008: EEPL
Launches Airborne Survey For Exploring Oil & Gas In Madagascar 137
8.7.19
Jul 08, 2008: Niko Seeks Government Approval To Pledge KG Basin Stake To Raise
$500 Million 138
8.7.20 Jul 04, 2008: India Eyes Canadian Oilsands
138
8.7.21 Jul 04, 2008: US Can Invest In Our Energy Sector, Says Iran
139
8.7.22 Jul 01, 2008: India To Enter Into Hydrocarbon Pact With Cuba
139
8.7.23 Jul 01, 2008: Nigeria Urges Indian Partnership In Energy Sector
140
8.7.24 Jun 30, 2008: ONGC, GAIL Shares In Two Offshore Myanmar Blocks
Fall 140
8.7.25 Jun 27, 2008: India' s Crude Oil Production For May Rises
By 3.2% 141
8.7.26 Jun 25, 2008: Cairn India Plans $2 Billion Investment
Over 18 Months 141
8.7.27 Jun 24, 2008: India Urges Nigeria To Help Indian
Firms Win More Exploration Blocks 142
8.7.28 Jun 23, 2008: Murli Deora
Urges Prime Minister To Get Tax Breaks For NELP-VII 142
8.7.29 Jun 20,
2008: Natural Gas Production In India To Climb Two-Fold By 2011-12 142
8.7.30 Jun 18, 2008: India, Burma Raise Objections On Bangladesh Licenses
143
8.7.31 Jun 16, 2008: RIL Seeks $1 Billion To Fund Its Expansion
145
8.7.32 Jun 13, 2008: Indian Oil Companies To Spend $3 Billion On
Developing Iran' s Farsi Block 145
8.7.33 Jun 13, 2008: GSPC Ready To
Develop KG-8 Gas Discovery 145
8.7.34 Jun 10, 2008: BPCL Resumes Crude
Imports From Iraq After Two Years 146
8.7.35 Jun 10, 2008: BPCL To Spend
$200 Million In Upstream Ventures 146
8.7.36 Jun 10, 2008: RIL Delays Oil
Production From D-6 Block In KG Basin 147
8.7.37 Jun 09, 2008: Avery
Provides Operations Update 147
8.8 New Contracts Announcements 148
8.8.1 Jul 29, 2008: Goa Carbon Reports 4Q Fiscal 2008 Results 148
8.8.2
Jul 10, 2008: ASPL Announces Extension Of Contract With ExxonMobil 148
9
Appendix 149
9.1 Methodology 149
9.1.1 Coverage 150
9.1.2
Secondary Research 150
9.1.3 Primary Research 151
9.1.4 Forecasts
151
9.2 Key Economic Assumptions 153
9.3 Expert Panel Validation
154
9.4 Definitions 155
9.5 Unit Of Measure 156
9.6 Contact Us
156
9.7 About Global Markets Direct 156
9.8 Disclosure information
156
9.9 Disclaimer 157
1.1 List of Tables
Table 1:
India, Oil and Gas, Key Statistics, July 2008 12
Table 2: India,
Total Crude Oil and Natural Gas Reserves, 2000-2012 15
Table 3: India,
Total Crude Oil Production (MMBBLs), 2000-2007 16
Table 4: India, Total
Natural Gas Production (BCF), 2000-2007 17
Table 5: India, Oil And Gas
Assets Details, July 2008 18
Table 6: India, Oil And Gas Assets Details,
July 2008 (Cont' d) 19
Table 7: India, Oil And Gas Assets Details, July
2008 (Cont' d) 20
Table 8: India Onshore, Total Crude Oil Production
(Barrels) , by Assets, 2000-2007 20
Table 9: India Offshore, Total Crude
Oil Production (Barrels) , by Assets, 2000-2007 21
Table 10: India
Onshore, Total Natural Gas Production (MMCF) by Assets, 2000-2007 21
Table
11: India Offshore , Total Natural Gas Production (MMCF) by Assets, 2000-2007
22
Table 12: India, Oil and Gas Planned Production Assets Details, July
2008 22
Table 13: India, Total Crude Oil Production (MMBBLs), by Company,
2000-2007 23
Table 14: India, Total Natural Gas Production (BCF), by
Company, 2000-2007 24
Table 15: India, Total Crude Oil Production
(MMBBLs), Forecast, 2008- 2013 25
Table 16: India, Total Natural Gas
Production (BCF), Forecast, 2008- 2013 25
Table 17: India, Total Number of
Active Exploration Blocks, 2000-2007 26
Table 18: India, Total Number of
Active Exploration Blocks, 2000-2007 (Cont' d) 27
Table 19: India, Total
Number of Active Exploration Blocks by Company, 2000-2007 27
Table 20:
India, Total Number of Active Exploration Blocks by Company, 2000-2007
(Cont' d) 28
Table 21: India, Oil and Gas Exploration Blocks Details, July
2008 29
Table 22: India, Oil and Gas Exploration Blocks Details, July 2008
(Cont' d) 30
Table 23: India, Oil and Gas Exploration Blocks Details, July
2008 (Cont' d) 31
Table 24: India, Oil and Gas Exploration Blocks Details,
July 2008 (Cont' d) 32
Table 25: India, Oil and Gas Exploration Blocks
Details, July 2008 (Cont' d) 33
Table 26: India, Oil and Gas Exploration
Blocks Details, July 2008 (Cont' d) 34
Table 27: India, Oil and Gas
Exploration Blocks Details, July 2008 (Cont' d) 35
Table 28: India, Oil and
Gas Exploration Blocks Details, July 2008 (Cont' d) 36
Table 29: India, Oil
and Gas Exploration Blocks Details, July 2008 (Cont' d) 37
Table 30: India,
Oil and Gas Exploration Blocks Details, July 2008 (Cont' d) 38
Table 31:
India, Oil and Gas Exploration Blocks Details, July 2008 (Cont' d) 39
Table 32: India, Oil and Gas Exploration Blocks Details, July 2008 (Cont' d)
40
Table 33: India, Oil and Gas Exploration Blocks Details, July 2008
(Cont' d) 41
Table 34: India, Oil and Gas Exploration Blocks Details, July
2008 (Cont' d) 42
Table 35: India, Oil and Gas Exploration Blocks Details,
July 2008 (Cont' d) 43
Table 36: India-NELP VII, Oil and Gas Exploration
Blocks Details, July 2008 43
Table 37: India-NELP VII, Oil and Gas
Exploration Blocks Details, July 2008 (Cont' d) 44
Table 38: India-NELP
VII, Oil and Gas Exploration Blocks Details, July 2008 (Cont' d) 45
Table
39: India-NELP VII, Oil and Gas Exploration Blocks Details, July 2008 (Cont' d)
46
Table 40: India, Oil and Gas Planned Exploration Blocks Details, July
2008 46
Table 41: India, Oil and Gas Planned Exploration Blocks Details,
July 2008 (Cont' d) 47
Table 42: Brent Blend NYMEX Future Prices
154
1.2 List of Figures
Figure 1: India, Exploration and
Production Assets Map, July 2008 13
Figure 2: India, Total Crude Oil and
Natural Gas Reserves (MMBOE), 2000-2012 14
Figure 3: India, Total Crude
Oil Production (MMBBLs), 2000-2007 16
Figure 4: India, Total Natural Gas
Production (BCF), 2000-2007 17
Figure 5: India, Total Number of Active
Exploration Blocks, 2000-2007 26
Figure 6: Global Markets Direct
Methodology 149
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