Contents:

1 2 1.1 List of Tables 7 1.2 List of Figures 9 2 India Exploration And Production Sector 10 2.1 India, Key Data 10 2.2 India, Exploration and Production Assets Map 11 2.3 India Exploration and Production Sector, Production 12 2.3.1 India Exploration and Production Sector, Crude Oil-Historical Production 12 2.3.2 India Exploration and Production Sector, Natural Gas-Historical Production 13 2.3.3 India Exploration and Production Sector, Crude Oil Production by Assets 14 2.3.4 India Exploration and Production Sector, Natural Gas Production by Assets 15 2.3.5 India Exploration and Production Sector, Crude Oil Production by Company 16 2.3.6 India Exploration and Production Sector, Natural Gas Production by Company 17 2.4 India Exploration and Production Sector, Forecasts 18 2.4.1 India Exploration and Production Sector, Crude Oil Forecasted Production 18 2.4.2 India Exploration and Production Sector, Natural Gas Forecasted Production 18 2.5 India Exploration And Production Sector, Crude Oil Asset Details 19 2.5.1 India Exploration And Production Sector, Active Crude Oil Asset Details 19 2.5.2 India Exploration And Production Sector, Planned Crude Oil Asset Details 19 2.6 India Exploration And Production Sector, Natural Gas Asset Details 20 2.6.1 India Exploration And Production Sector, Active Natural Gas Asset Details 20 2.6.2 India Exploration And Production Sector, Planned Natural Gas Asset Details 20 2.7 India Exploration And Production Sector, Exploration 20 2.7.1 India Exploration And Production Sector, Total Active Exploration Blocks 20 2.7.2 India Exploration And Production Sector, Active Exploration Blocks by Company 21 2.7.3 India Exploration And Production Sector, Exploration Details 23 3 Profile of BG Group plc 36 3.1 BG Group plc, Key Information 36 3.2 BG Group plc, Company Overview 36 3.3 BG Group plc, Business Description 36 3.3.1 BG Group plc, Business Description, Business Overview 36 3.3.2 BG Group plc, Business Description, Exploration and Production 37 3.3.3 BG Group plc, Business Description, Liquefied Natural Gas 39 3.3.4 BG Group plc, Business Description, Power and Other activities 41 3.3.5 BG Group plc, Business Description, Transmission and Distribution 42 3.3.6 BG Group plc, Business Description, Major Products and Services 44 3.4 BG Group plc, Value Chain Analysis 45 3.4.1 BG Group plc, Value Chain Analysis, Upstream 45 3.4.2 BG Group plc, Value Chain Analysis, Midstream 46 3.4.3 BG Group plc, Value Chain Analysis, Downstream 47 3.5 BG Group plc, SWOT Analysis 47 3.5.1 BG Group plc, SWOT Analysis, Overview 47 3.5.2 BG Group plc, SWOT Analysis, Strengths 48 3.5.3 BG Group plc, SWOT Analysis, Weaknesses 50 3.5.4 BG Group plc, SWOT Analysis, Opportunities 50 3.5.5 BG Group plc, SWOT Analysis, Threats 51 3.6 BG Group plc, Revenue Analysis 52 3.6.1 BG Group plc, Revenue Analysis, Revenue by Segment 52 3.6.2 BG Group plc, Revenue Analysis, Revenue by Geography 53 3.7 BG Group plc, Financial and Operational Review 54 3.7.1 Financial Statements 54 3.7.2 Financial Ratios 55 4 Profile of Reliance Industries Limited 56 4.1 Reliance Industries Limited, Key Information 56 4.2 Reliance Industries Limited, Company Overview 56 4.3 Reliance Industries Limited, Business Description 56 4.3.1 Reliance Industries Limited, Business Description, Business Overview 56 4.3.2 Reliance Industries Limited, Business Description, Others 57 4.3.3 Reliance Industries Limited, Business Description, Petrochemicals 58 4.3.4 Reliance Industries Limited, Business Description, Refining 59 4.3.5 Reliance Industries Limited, Business Description, Major Products and Services 61 5 Profile of Apache Corporation 65 5.1 Apache Corporation, Key Information 65 5.2 Apache Corporation, Company Overview 65 5.3 Apache Corporation, Business Description 65 5.3.1 Apache Corporation, Business Description, Business Overview 65 5.3.2 Apache Corporation, Business Description, Argentina 66 5.3.3 Apache Corporation, Business Description, Australia 67 5.3.4 Apache Corporation, Business Description, Canada 68 5.3.5 Apache Corporation, Business Description, Egypt 69 5.3.6 Apache Corporation, Business Description, Egypt 70 5.3.7 Apache Corporation, Business Description, North Sea 70 5.3.8 Apache Corporation, Business Description, United States 71 5.3.9 Apache Corporation, Business Description, Major Products and Services 73 5.4 Apache Corporation, Value Chain Analysis 73 5.4.1 Apache Corporation, Value Chain Analysis, Upstream 74 5.5 Apache Corporation, SWOT Analysis 75 5.5.1 Apache Corporation, SWOT Analysis, Overview 75 5.5.2 Apache Corporation, SWOT Analysis, Strengths 75 5.5.3 Apache Corporation, SWOT Analysis, Weaknesses 77 5.5.4 Apache Corporation, SWOT Analysis, Opportunities 77 5.5.5 Apache Corporation, SWOT Analysis, Threats 78 6 Financial Deals Landscape 80 6.1 Detailed Deal Summary 80 6.1.1 Rumored Deals 80 6.1.2 Acquisition 81 6.1.3 Private Equity 83 6.1.4 Equity Offerings 84 6.1.5 Debt Offerings 92 6.1.6 Partnerships 95 6.1.7 Asset Transactions 97 7 Recent Developments 104 7.1 License Rounds 104 7.1.1 Feb 03, 2009: India To Commence Auction Of 100 Oil Blocks In NELP VIII 104 7.1.2 Dec 11, 2008: India To Delay Bidding For Oil Exploration Blocks 105 7.1.3 Dec 08, 2008: Petroleum Ministry Requests MoEF To Expedite Clearance For Blocks Identified Under NELP-VIII 106 7.1.4 Sep 26, 2008: India To Award 45 Blocks For Oil And Gas Exploration 106 7.1.5 Sep 24, 2008: India To Declare Next Oil And Gas Blocks Auction By February 2009 107 7.2 License Awards 107 7.2.1 Jan 18, 2009: ONGC Wins Oil Exploration Contract At Ganga Basin In Bihar State, India 107 7.2.2 Jan 05, 2009: Primera Energy Signs PSC For CB-ONN-2005/11 Block In India 108 7.2.3 Dec 25, 2008: GSPC Wins Approval To Explore KG-OSN-2001/3 Block In KG Basin, India 108 7.2.4 Dec 24, 2008: GVK Oil & Gas Signs PSC With Indian Government 109 7.2.5 Dec 23, 2008: RIL And BP Win Deep Water Block KG-DWN-2005/2 In NELP VII, India 110 7.3 Strategy and Business Expansion 110 7.3.1 Feb 16, 2009: ONGC Enters Into Strategic Alliance With Weatherford For Enhancing Production From Matured Fields 110 7.3.2 Feb 12, 2009: OVL To Surrender Two Oil Blocks In Nigeria 111 7.3.3 Jan 06, 2009: ONGC Launches INR43.76 Billion Project In Tripura To Raise Gas Output 111 7.3.4 Dec 15, 2008: GSPC Plans Development Programme In Cambay Block CB-ONN-2000/1, India 112 7.4 Recent Discoveries 113 7.4.1 Feb 23, 2009: Oil India Discovers Oil At Mechaki-2 Well In Assam, India 113 7.4.2 Feb 23, 2009: ONGC Discovers Oil At KG-DWN-98/2 Block, India 113 7.4.3 Feb 07, 2009: ONGC Finds Two New Oil Wells In Gujarat, India 114 7.4.4 Dec 22, 2008: Cairn India Encounters Oil And Gas At Raageshwari East 1/1Z Well In Rajasthan, India 115 7.5 Drilling and Production Updates 116 7.5.1 Feb 18, 2009: RIL To Commence Gas Supplies By April 2009 116 7.5.2 Feb 17, 2009: RIL To Restart Production From KG-D6 In March 2009, Halt In April 2009 116 7.5.3 Feb 17, 2009: Hindustan Oil Exploration Completes Drilling PD4-RL Lateral Well In PY-3 Field, India 117 7.5.4 Feb 11, 2009: ONGCs Oil Exploration Plans In Rajasthan Hits A Roadblock 117 7.6 Financial Announcements 118 7.6.1 Jan 30, 2009: Gulf Oil Reports Nine Months Ended 2008 Results 118 7.6.2 Jan 30, 2009: IOC Declares Q3 Fiscal 2008 Results 120 7.6.3 Jan 29, 2009: BPCL Declares Q3 Fiscal 2008-09 Results 121 7.6.4 Jan 28, 2009: ONGC Reports Q3 Fiscal 2009 Results 121 7.6.5 Jan 28, 2009: GAIL Declares Q3 Fiscal 2008/09 Results 123 7.7 Other Significant Developments 125 7.7.1 Feb 25, 2009: Rocksource Provides Operations Update 125 7.7.2 Feb 24, 2009: Oil Companies To Invest 2% Of Profit On CSR Activities 126 7.7.3 Feb 24, 2009: ONGC Slashes Oil Output Target By 3.5% 127 7.7.4 Feb 24, 2009: Hindustan Oil Exploration Receives $125 Million Loan For Development Activities 128 7.7.5 Feb 23, 2009: ONGC’s Onshore Drilling Plans Being Postponed 128 7.8 New Contracts Announcements 129 7.8.1 Jul 29, 2008: Goa Carbon Reports 1Q Fiscal 2008-09 Results 129 7.8.2 Jul 10, 2008: ASPL Announces Extension Of Contract With ExxonMobil 130 7.8.3 Mar 14, 2008: OVL Signs Concession Agreement For Two Exploration Blocks In Brazil 130 7.8.4 Mar 04, 2008: EEPL Wins Offshore Block In Vietnam 130 8 Appendix 132 8.1 Methodology 132 8.1.1 Coverage 132 8.1.2 Secondary Research 133 8.1.3 Primary Research 133 8.1.4 E&P Forecasts 134 8.1.5 Midstream Forecasts 135 8.1.6 Expert Panel Validation 135 8.2 Contact Us 136 8.3 About Us 136 8.4 Disclaimer 136 Executive Summary 1.1 List of Tables Table 1: India, Oil and Gas, Key Statistics, 2008 10 Table 2: India, Total Crude Oil Production(MMBBLs),2001-2008 12 Table 3: India, Total Natural Gas Production(MMcf),2001-2008 13 Table 4: India, Crude Oil Production(MMBBLs),by Assets,2001-2008 14 Table 5: India, Natural Gas Production(MMcf),by Assets,2001-2008 15 Table 6: India, Crude Oil Production(MMBBLs),by Company, 2001-2008 16 Table 7: India, Natural Gas Production(MMcf),by Company, 2001-2008 17 Table 8: India, Crude Oil Production (Thousand Barrels), Forecast by Assets, 2009-2014 18 Table 9: India, Natural Gas Production (MMcf), Forecast by Assets, 2009-2014 18 Table 10: India, Oil Field Assets Details 19 Table 11: India, Planned Oil Field Assets Details 19 Table 12: India, Gas Field Assets Details 20 Table 13: India, Planned Gas Field Assets Details 20 Table 14: India, Total Active Exploration Blocks, 2001-2008 20 Table 15: India, Exploration Active Blocks by Company, 2001-2008 21 Table 16: India, Oil and Gas Exploration Details 23 Table 17: BG Group plc, Key Facts 36 Table 18: BG Group plc, SWOT Analysis 48 Table 19: BG Group plc, Revenue by Segment, GBP Million, 2003-2007 52 Table 20: BG Group plc, Revenue by Geography, GBP Million, 2003-2007 53 Table 21: BG Group plc, Financial Statements, GBP Million, 2003-2007 54 Table 22: BG Group plc, Financial Ratios, GBP Million, 2003-2007 55 Table 23: Reliance Industries Limited, Key Facts 56 Table 24: Apache Corporation, Key Facts 65 Table 25: Apache Corporation, SWOT Analysis 75 Table 26: Reliance To Sell Stake In Offshore Gas Field 80 Table 27: Indian Oil Plans To Sell Its Stake In ONGC and Gail 81 Table 28: GVK Power Acquires GVK Energy 82 Table 29: Naftogaz India To Raise $120 Million 83 Table 30: Great Eastern Energy Files Prospectus For Its IPO 84 Table 31: Gulf Oil Corporation To Raise $100 Million 85 Table 32: Great Eastern Energy Plans For Secondary Offering 86 Table 33: Indus Gas Completes Initial Public Offering 87 Table 34: Cairn India Completes Private Placement Of $625 Million 88 Table 35: Assam Company Plans To Raise $250 To $300 Million 90 Table 36: Essar Oil To Raise $2,000 Million 91 Table 37: Reliance Industries Completes 10.75% Bond Offering For $104 Million 92 Table 38: Reliance Industries Completes 10.1% Bond Offering For $104 Million 93 Table 39: Reliance Industries Completes Debt Offering Of $199 Million 94 Table 40: Cairn And ONGC Enter Into Partnership 95 Table 41: Shell Partners With Arrow Energy 96 Table 42: BG Group Receives Approval To Acquire Interest In Krishna Godavari And Mahanadi Basin Blocks From Oil and Natural Gas 97 Table 43: ONGC Acquires 30% Interst In Tarapur Block CB-ON/2 98 Table 44: Rocksource To Acquire 10% Equity Interest In CY DWN 2001/1 From ONGC 99 Table 45: Canoro Resources To Acquire 30% Interest In Two Exploration Production Sharing Contracts 100 Table 46: ONGC Acquires 30% Interest In CB-ON-7 101 Table 47: ONGC To Sell Its Stake In Block KG-DWN-98/2 To Petrobras International Braspetro And Hydro Oil and Energy India 102 Table 48: MOL Signs Agreement To Acquire 35% Stake In Exploration Block 103

Companies Mentioned

BG Group plc Reliance Industries Limited Apache Corporation