Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 11 2 India Energy Sector 12 2.1 India Energy Sector, Market Overview 12 2.2 India Energy Sector, Crude Oil 13 2.2.1 India Crude Oil, Overview 13 2.2.2 India Crude Oil, Supply and Demand Balance 13 2.2.3 India Crude Oil, Regulatory Structure 20 2.2.4 India Crude Oil, Infrastructure 21 3 India Fiscal Regime 23 3.1 India Petroleum Fiscal Environment 23 3.2 License Terms 24 3.3 Key Fiscal Terms 25 3.4 Sample Cashflows Calculations 29 4 India Oil Upstream Investment Environment Benchmarking 30 4.1 Introduction 30 4.2 The Overall Ranking 30 4.3 Upstream Fiscal Attractiveness 30 4.3.1 Maximum Government Take Index 32 4.3.2 Maximum State Participation 32 4.4 Oil Sector Performance 32 4.4.1 Exploration Activity 35 4.4.2 Oil Production 36 4.4.3 Oil Reserves 36 4.4.4 Oil Consumption 36 4.4.5 Refining Industry 37 4.5 Economic Performance 37 4.5.1 GDP Growth Index 39 4.5.2 FDI Confidence Index 39 4.5.3 Balance of Trade Index 39 4.6 Socio-Political Performance 39 4.6.1 Democracy Index 41 4.6.2 Governance Index 41 5 India Exploration and Production Sector 42 5.1 India Exploration and Production Sector, Country Snapshot 42 5.1.1 India Exploration and Production Sector, Key Data 42 5.1.2 India Exploration and Production Sector, Crude Oil Assets Map 42 5.2 India Exploration and Production Sector, Gross Crude Oil Production 43 5.2.1 India Exploration and Production Sector, Gross Crude Oil-Historical Production 43 5.2.2 India Exploration and Production Sector, Gross Crude Oil Production by Assets 44 5.2.3 India Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 45 5.2.4 India Exploration and Production Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 47 5.3 India Exploration and Production Sector, Gross Crude Oil Forecasts 48 5.3.1 India Exploration and Production Sector, Gross Crude Oil Forecasted Production 48 5.4 India Exploration And Production Sector, Crude Oil Asset Details 49 5.4.1 India Exploration And Production Sector, Active Crude Oil Asset Details 49 5.4.2 India Exploration And Production Sector, Planned Crude Oil Asset Details 49 6 India Pipeline Sector 50 6.1 India Pipeline Sector, Key Data 50 6.2 India Pipeline Sector, An Overview 50 6.3 India Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 50 6.4 India Pipeline Sector, Comparison of Key Petroleum Product Pipeline Companies 51 6.5 India Pipeline Sector, Crude Oil Pipelines 53 6.6 India Pipeline Sector, Petroleum Product Pipelines 54 7 India Refining Sector 57 7.1 India Refining Sector, Key Data 57 7.2 India Refining Sector, An Overview 57 7.2.1 India Refining Sector, Total Refining Capacity 57 7.3 India Refining Sector, Capacity- Wise Market Share by Company 58 7.4 India Refining Sector, Crude Distillation Unit Capacity 61 7.5 India Refining Sector, Coking Capacity 63 7.6 India Refining Sector, Fluid Catalytic Cracking Capacity 64 7.7 India Refining Sector, Hydrocracking Capacity 65 8 India Oil and Chemicals Storage Sector 66 8.1 India Oil and Chemicals Storage Sector, Key Data 66 8.2 India Oil and Chemicals Storage Oil Sector, An Overview 66 8.2.1 India Oil and Chemicals Storage Oil Sector, Total Storage Capacity 66 8.3 India Oil and Chemicals Storage Oil Sector, Capacity- Wise Market Share By Company 67 8.4 India Oil and Chemicals Storage Sector, Storage Capacity 69 9 Profile of Reliance Industries Limited 72 9.1 Reliance Industries Limited, Key Information 72 9.2 Reliance Industries Limited, Company Overview 72 9.3 Reliance Industries Limited, Business Description 72 9.3.1 Reliance Industries Limited, Business Description, Business Overview 72 9.3.2 Reliance Industries Limited, Business Description, Others 73 9.3.3 Reliance Industries Limited, Business Description, Petrochemicals 74 9.3.4 Reliance Industries Limited, Business Description, Refining 75 9.3.5 Reliance Industries Limited, Business Description, Major Products and Services 77 10 Profile of India Oil Corporation Limited 80 10.1 India Oil Corporation Limited, Key Information 80 10.2 India Oil Corporation Limited, Company Overview 80 10.3 India Oil Corporation Limited, Business Description 80 10.3.1 India Oil Corporation Limited, Business Description, Business Overview 80 10.3.2 India Oil Corporation Limited, Business Description, Other Businesses 81 10.3.3 India Oil Corporation Limited, Business Description, Petroleum Products 82 10.3.4 India Oil Corporation Limited, Business Description, Major Products and Services 83 10.4 India Oil Corporation Limited, Value Chain Analysis 86 10.4.1 India Oil Corporation Limited, Value Chain Analysis, Upstream 86 10.4.2 India Oil Corporation Limited, Value Chain Analysis, Midstream 87 10.4.3 India Oil Corporation Limited, Value Chain Analysis, Downstream 88 10.4.4 India Oil Corporation Limited, Value Chain Analysis, Retail 88 10.5 India Oil Corporation Limited, SWOT Analysis 89 10.5.1 India Oil Corporation Limited, SWOT Analysis, Overview 89 10.5.2 India Oil Corporation Limited, SWOT Analysis, Strengths 90 10.5.3 India Oil Corporation Limited, SWOT Analysis, Weaknesses 91 10.5.4 India Oil Corporation Limited, SWOT Analysis, Opportunities 92 10.5.5 India Oil Corporation Limited, SWOT Analysis, Threats 93 10.6 India Oil Corporation Limited, Revenue Analysis 94 10.6.1 India Oil Corporation Limited, Revenue by Segment 94 10.7 India Oil Corporation Limited, Financial and Operational Review 96 10.7.1 Financial Statements 96 10.7.2 Financial Ratios 97 11 Profile of Marubeni Corporation 98 11.1 Marubeni Corporation, Key Information 98 11.2 Marubeni Corporation, Company Overview 98 11.3 Marubeni Corporation, Business Description 98 11.3.1 Marubeni Corporation, Business Description, Business Overview 98 11.3.2 Marubeni Corporation, Business Description, Major Products and Services 100 11.4 Marubeni Corporation, SWOT Analysis 102 11.4.1 Marubeni Corporation, SWOT Analysis, Overview 102 11.4.2 Marubeni Corporation Strengths 103 11.4.3 Marubeni Corporation Weaknesses 104 11.4.4 Marubeni Corporation Opportunities 104 11.4.5 Marubeni Corporation Threats 105 12 Financial Deals Landscape 107 12.1 Detailed Deal Summary 107 12.1.1 Merger 107 12.1.2 Acquisition 109 12.1.3 Private Equity 117 12.1.4 Equity Offerings 118 12.1.5 Debt Offerings 124 12.1.6 Partnerships 128 12.1.7 Asset Transactions 131 13 Recent Developments 141 13.1 License Rounds 141 13.1.1 Mar 30, 2009: India To Launch Eighth Round Of Bidding For Oil Blocks In Two Phases 141 13.1.2 Mar 25, 2009: India To Auction 100 Blocks In Second Phase Of NELP VIII 142 13.2 License Awards 143 13.2.1 Mar 25, 2009: ONGC Applies Extension For Re-Grant Of L-II PEL License In Tamil Nadu, India 143 13.2.2 Mar 17, 2009: Oil India Receives PEL For KG-ONN-2004/1 Block In Krishna-Godavari Basin, India 143 13.3 Strategy and Business Expansion 144 13.3.1 Mar 26, 2009: GAIL To Spin Off Its Marketing Business Into Separate Firm 144 13.3.2 Mar 10, 2009: IOC To Increase Capacity Of Haldia Refinery By December 2009 144 13.3.3 Mar 03, 2009: RIL, GAIL, Cairn India And IOC Bid For Supplying CNG And Piped Natural Gas To Six Towns 145 13.4 Recent Discoveries 145 13.4.1 Feb 23, 2009: Oil India Discovers Oil At Mechaki-2 Well In Assam, India 145 13.4.2 Feb 23, 2009: ONGC Discovers Oil At KG-DWN-98/2 Block, India 146 13.5 Drilling and Production Updates 147 13.5.1 Apr 01, 2009: Cairn India To Commence Oil Production In Q3 2009 147 13.5.2 Mar 30, 2009: RIL Halts Crude Oil Production At KG-D6 Block For 45 Days 148 13.5.3 Mar 24, 2009: Focus Energy To Abandon SSF-2 Well At Block RJ-ON/6 In Rajasthan Basin, India 148 13.5.4 Mar 20, 2009: Hindustan Oil Exploration Plans To Drill PY-3 Field In Bay Of Bengal Block, India 149 13.5.5 Mar 19, 2009: RIL Plans To Drill Gujarat Saurashtra Block GS-OSN-2000/1 In India 150 13.5.6 Mar 16, 2009: ONGC To Explore Oil Resources In Rajasthan’s Hadauti Area, India 151 13.5.7 Mar 12, 2009: RIL Restarts Oil Production From KG-D6 Block In India 151 13.6 Financial Announcements 152 13.6.1 Feb 26, 2009: Gujarat Gas Company Declares 2008 Results 152 13.6.2 Jan 31, 2009: Assam Company Posts Total Income Of INR1.9 Billion For Full Year 2008 152 13.6.3 Jan 30, 2009: Gulf Oil Reports Nine Months Ended 2008 Results 153 13.6.4 Jan 30, 2009: Aban Offshore Declares Q3 Fiscal 2008/09 Results 155 13.6.5 Jan 30, 2009: IOC Declares Q3 Fiscal 2008 Results 155 13.7 Other Significant Developments 156 13.7.1 Mar 31, 2009: HPCL And ONGC To Purchase Initial Oil From Cairn India’s Rajasthan Block 156 13.7.2 Mar 31, 2009: RIL To Supply Gas From KG Basin To Power Projects 157 13.7.3 Mar 30, 2009: Maytas Infra Concludes Gas Pipeline Project For GSPL 159 13.7.4 Mar 29, 2009: Gujarat State Petroleum Completes 3D Seismic Programme At Hazira Field In Gujarat, India 159 13.7.5 Mar 28, 2009: IOC Signs MoU With Indian Government To Commission INR300 Billion Projects For 2009-10 160 13.7.6 Mar 28, 2009: IOC Receives Approval To Set Up INR30 Billion Coker Plant At Haldia In India 160 13.7.7 Mar 24, 2009: MRPL To Buy Oil From Cairn India’s Rajasthan Fields 161 13.7.8 Mar 24, 2009: RIL To Start Production From KG Basin From April 2009 162 13.7.9 Mar 24, 2009: India’s Dabhol LNG Terminal To Begin Operations In April 2009, Says GAIL 163 14 Appendix 164 14.1 Methodology 164 14.1.1 Coverage 165 14.1.2 Secondary Research 166 14.1.3 Primary Research 166 14.1.4 E&P Forecasts 166 14.1.5 Midstream Forecasts 168 14.1.6 Expert Panel Validation 168 14.2 Contact Us 168 14.3 About Us 168 14.4 Disclaimer 169 Executive Summary 1.1 List of Tables Table 1: India, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 14 Table 2: India, Historical and Forecasted Imports of Crude Oil, 1996-2020 17 Table 3: India, Historical Reserves of Crude Oil, 1996-2008 19 Table 4: India, Crude Oil and Natural Gas, Onshore and Offshore Royalty Rates, 2008 25 Table 5: India, Crude Oil and Natural Gas, Rental Rates, 2008 25 Table 6: India, Crude Oil and Natural Gas, Profit Oil/Gas, 2007 26 Table 7: India, Crude Oil and Natural Gas, Fixed Assets Depreciation Rates, 2007 27 Table 8: Withholding Tax Rate, 2008 28 Table 9: South Asia, Investment Benchmarking, Overall Country Rankings, April 2008 30 Table 10: South Asia, Investment Benchmarking, Upstream Fiscal Attractiveness, April 2008 31 Table 11: South Asia, Investment Benchmarking, Oil Sector Performance, April 2008 33 Table 12: South Asia, Investment Benchmarking, Economic Performance, April 2008 37 Table 13: South Asia, Country Standings, Economic Performance, April 2008 38 Table 14: South Asia, Investment Benchmarking, Socio-Political Performance, April 2008 40 Table 15: South Asia, Country Standings, Socio-Political Performance, April 2008 40 Table 16: India, Crude Oil Key Statistics, 2008 42 Table 17: India, Total Gross Crude Oil Production (MMBBLs), 2001-2008 43 Table 18: India, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 44 Table 19: India, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 45 Table 20: India, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 47 Table 21: India, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 48 Table 22: India, Active Oil Field Assets Details 49 Table 23: India, Planned Oil Field Assets Details 49 Table 24: India, Pipeline Key Statistics, 2008 50 Table 25: India, Crude Oil Pipeline Length By Company (Km), 2008 50 Table 26: India, Petroleum Product Pipeline Length By Company (Km), 2008 51 Table 27: India Crude Oil Pipelines, 2008 53 Table 28: India, Petroleum Product Pipelines, 2008 54 Table 29: India, Petroleum Product Pipelines, 2008 (Contd.) 55 Table 30: India, Petroleum Product Pipelines, 2008 (Contd.) 56 Table 31: India, Refinery Key Statistics, 2008 57 Table 32: India, Total Refining Capacity (MMTPA), 2000- 2013 57 Table 33: India, Refining Capacity Company-wise (MMTPA), 2000-2013 58 Table 34: India, Crude Distillation Unit Capacity (MMTPA), 2000-2013 61 Table 35: India, Crude Distillation Unit Capacity (MMTPA), 2000-2013 (contd..) 62 Table 36: India, Coking Unit Capacity (MMTPA), 2000-2013 63 Table 37: India, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 64 Table 38: India, Hydrocracking Unit Capacity (MMTPA), 2000-2013 65 Table 39: India, Oil and Chemicals Storage Key Statistics, 2008 66 Table 40: India, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 66 Table 41: India, Oil and Chemicals Storage Capacity, Company-wise (Thousand M3), 2000-2013 67 Table 42: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 69 Table 43: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 (Contd.) 70 Table 44: India, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 (Contd.) 71 Table 45: Reliance Industries Limited, Key Facts 72 Table 46: Indian Oil Corporation Limited, Key Facts 80 Table 47: Indian Oil Corporation Limited, SWOT Analysis 90 Table 48: Indian Oil Corporation Limited, Revenue by Segment, INR Million, 2004-2008 95 Table 49: Indian Oil Corporation Limited, Financial Statements, INR Million, 2004-2008 96 Table 50: Indian Oil Corporation Limited, Financial Ratios, INR Million, 2004-2008 97 Table 51: Marubeni Corporation, Key Facts 98 Table 52: Marubeni Corporation, SWOT Analysis 103 Table 53: Reliance Industries And Reliance Petroleum Boards Approve Their Merger 107 Table 54: Reliance Industries To Acquire 5% Stake In Reliance Petroleum From Chevron 109 Table 55: HPCL To Increase Stake In Mangalore Refinery And Petrochemicals 110 Table 56: IFC To Acquire 5% Stake In GSPC Gas 111 Table 57: Oil and Natural Gas Corporation Sells 46% Stake In Kakinada Refinery & Petrochemicals To GMR 112 Table 58: ONGC, IOC, GAIL keen To Buy ADB Stake In Petronet 113 Table 59: Indian Oil Plans To Sell Its Stake In ONGC and Gail 115 Table 60: GVK Power Acquires GVK Energy 116 Table 61: Naftogaz India To Raise $120 Million 117 Table 62: Great Eastern Energy Files Prospectus For Its IPO 118 Table 63: Gulf Oil Corporation To Raise $100 Million 119 Table 64: Great Eastern Energy Plans For Secondary Offering 120 Table 65: Indus Gas Completes Initial Public Offering 121 Table 66: Cairn India Completes Private Placement Of $625 Million 122 Table 67: Reliance Industries Completes 10.75% Bond Offering For $104 Million 124 Table 68: Reliance Industries Completes 10.1% Bond Offering For $104 Million 125 Table 69: BPCL Completes Debt Offering Of $201 Million 126 Table 70: Reliance Industries Completes Debt Offering Of $199 Million 127 Table 71: Hindustan Petroleum Partners With Total, GAIL India, Oil India And Mittal Energy 128 Table 72: Cairn And ONGC Enter Into Partnership 129 Table 73: Shell Partners With Arrow Energy 130 Table 74: Indian Oil And Adani Energy To Acquire 50% Stake In LNG Terminal 131 Table 75: BG Group Receives Approval To Acquire Interest In Krishna Godavari And Mahanadi Basin Blocks From Oil and Natural Gas 132 Table 76: ONGC Acquires 30% Interst In Tarapur Block CB-ON/2 133 Table 77: Rocksource To Acquire 10% Equity Interest In CY DWN 2001/1 From ONGC 134 Table 78: Canoro Resources To Acquire 30% Interest In Two Exploration Production Sharing Contracts 135 Table 79: Punj Lloyd To Bid For Singapore’s LNG Terminal 136 Table 80: ONGC Acquires 30% Interest In CB-ON-7 137 Table 81: Indian Oil Corporation Plans To Acquire Land From Kolkata Port Trust 138 Table 82: Gujarat State Petroleum Corporation Rejects Hindustan Petroleum Corporations Proposal For StakeIn Mundra LNG Terminal 139 Table 83: ONGC To Sell Its Stake In Block KG-DWN-98/2 To Petrobras International Braspetro And Hydro Oil and Energy India 140

Companies Mentioned

Reliance Industries Limited India Oil Corporation Limited Marubeni Corporation