Contents:

1 2 1.1 List of Tables 6 1.2 List of Figures 9 2 India Energy Sector 10 2.1 India Energy Sector, Market Overview 10 2.2 India Crude Oil, Natural Gas 11 2.2.1 India Natural Gas, Overview 11 2.2.2 India Natural Gas, Supply and Demand Balance 11 2.2.3 India Natural Gas, Regulatory Structure 16 2.2.4 India Natural Gas, Infrastructure 17 3 India Fiscal Regime 18 3.1 India Petroleum Fiscal Environment 18 3.2 License Terms 19 3.3 Key Fiscal Terms 20 3.4 Sample Cashflows Calculations 24 4 India Gas Upstream Investment Environment Benchmarking 25 4.1 Introduction 25 4.2 The Overall Ranking 25 4.3 Upstream Fiscal Attractiveness 26 4.3.1 Maximum Government Take Index 27 4.3.2 Maximum State Participation 27 4.4 Gas Sector Performance 28 4.4.1 Exploration Activity 30 4.4.2 Gas Production 31 4.4.3 Gas Reserves 31 4.4.4 Gas Consumption 31 4.5 Economic Performance 32 4.5.1 GDP Growth Index 33 4.5.2 FDI Confidence Index 33 4.5.3 Balance of Trade Index 34 4.6 Socio-Political Performance 34 4.6.1 Democracy Index 36 4.6.2 Governance Index 36 5 India Exploration and Production Sector 37 5.1 India Exploration and Production Sector, Country Snapshot 37 5.1.1 India Exploration and Production Sector, Key Data 37 5.1.2 India Exploration and Production Sector, Natural Gas Assets Map 37 5.2 India Exploration and Production Sector, Marketed Natural Gas Production 38 5.2.1 India Exploration and Production Sector, Marketed Natural Gas-Historical Production 38 5.2.2 India Exploration and Production Sector, Marketed Natural Gas Production by Assets 39 5.2.3 India Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 40 5.2.4 India Exploration and Production Sector, Market Share (%) based on Marketed Natural Gas Production 42 5.3 India Exploration and Production Sector, Marketed Natural Gas Forecasts 44 5.3.1 India Exploration and Production Sector, Marketed Natural Gas Forecasted Production 44 5.4 India Exploration And Production Sector, Natural Gas Asset Details 44 5.4.1 India Exploration And Production Sector, Active Natural Gas Asset Details 44 5.4.2 India Exploration And Production Sector, Planned Natural Gas Asset Details 45 6 India Pipeline Sector 46 6.1 India Pipeline Sector, Key Data 46 6.2 India Pipeline Sector, An Overview 46 6.3 India Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies 46 6.4 India Pipeline Sector, Natural Gas Pipelines 48 7 India LNG Sector 51 7.1 India LNG Sector, Key Data 51 7.2 India LNG Sector, Regasification 51 7.2.1 India LNG Sector, Regasification, Total Regasification Capacity 51 7.2.2 India LNG Gas Sector, Regasification Capacity- Wise (Bcf) Market Share By Company 52 7.2.3 India LNG Sector, Asset- Wise Regasification Capacity 54 8 Profile of Reliance Industries Limited 55 8.1 Reliance Industries Limited, Key Information 55 8.2 Reliance Industries Limited, Company Overview 55 8.3 Reliance Industries Limited, Business Description 55 8.3.1 Reliance Industries Limited, Business Description, Business Overview 55 8.3.2 Reliance Industries Limited, Business Description, Others 56 8.3.3 Reliance Industries Limited, Business Description, Petrochemicals 57 8.3.4 Reliance Industries Limited, Business Description, Refining 58 8.3.5 Reliance Industries Limited, Business Description, Major Products and Services 60 9 Profile of India Oil Corporation Limited 63 9.1 India Oil Corporation Limited, Key Information 63 9.2 India Oil Corporation Limited, Company Overview 63 9.3 India Oil Corporation Limited, Business Description 63 9.3.1 India Oil Corporation Limited, Business Description, Business Overview 63 9.3.2 India Oil Corporation Limited, Business Description, Other Businesses 64 9.3.3 India Oil Corporation Limited, Business Description, Petroleum Products 65 9.3.4 India Oil Corporation Limited, Business Description, Major Products and Services 66 9.4 India Oil Corporation Limited, Value Chain Analysis 68 9.4.1 India Oil Corporation Limited, Value Chain Analysis, Upstream 69 9.4.2 India Oil Corporation Limited, Value Chain Analysis, Midstream 69 9.4.3 India Oil Corporation Limited, Value Chain Analysis, Downstream 70 9.4.4 India Oil Corporation Limited, Value Chain Analysis, Retail 71 9.5 India Oil Corporation Limited, SWOT Analysis 71 9.5.1 India Oil Corporation Limited, SWOT Analysis, Overview 71 9.5.2 India Oil Corporation Limited, SWOT Analysis, Strengths 72 9.5.3 India Oil Corporation Limited, SWOT Analysis, Weaknesses 73 9.5.4 India Oil Corporation Limited, SWOT Analysis, Opportunities 74 9.5.5 India Oil Corporation Limited, SWOT Analysis, Threats 75 9.6 India Oil Corporation Limited, Revenue Analysis 76 9.6.1 India Oil Corporation Limited, Revenue by Segment 76 9.7 India Oil Corporation Limited, Financial and Operational Review 77 9.7.1 Financial Statements 77 9.7.2 Financial Ratios 78 10 Profile of Marubeni Corporation 79 10.1 Marubeni Corporation, Key Information 79 10.2 Marubeni Corporation, Company Overview 79 10.3 Marubeni Corporation, Business Description 79 10.3.1 Marubeni Corporation, Business Description, Business Overview 79 10.3.2 Marubeni Corporation, Business Description, Major Products and Services 81 10.4 Marubeni Corporation, SWOT Analysis 83 10.4.1 Marubeni Corporation, SWOT Analysis, Overview 83 10.4.2 Marubeni Corporation Strengths 84 10.4.3 Marubeni Corporation Weaknesses 85 10.4.4 Marubeni Corporation Opportunities 85 10.4.5 Marubeni Corporation Threats 86 11 Financial Deals Landscape 87 11.1 Detailed Deal Summary 87 11.1.1 Merger 87 11.1.2 Acquisition 89 11.1.3 96 11.1.4 Private Equity 96 11.1.5 Equity Offerings 97 11.1.6 Debt Offerings 103 11.1.7 Partnerships 107 11.1.8 Asset Transactions 110 12 Recent Developments 120 12.1 License Rounds 120 12.1.1 Mar 30, 2009: India To Launch Eighth Round Of Bidding For Oil Blocks In Two Phases 120 12.1.2 Mar 25, 2009: India To Auction 100 Blocks In Second Phase Of NELP VIII 121 12.2 License Awards 122 12.2.1 Mar 25, 2009: ONGC Applies Extension For Re-Grant Of L-II PEL License In Tamil Nadu, India 122 12.2.2 Mar 17, 2009: Oil India Receives PEL For KG-ONN-2004/1 Block In Krishna-Godavari Basin, India 122 12.3 Strategy and Business Expansion 123 12.3.1 Mar 26, 2009: GAIL To Spin Off Its Marketing Business Into Separate Firm 123 12.3.2 Mar 10, 2009: IOC To Increase Capacity Of Haldia Refinery By December 2009 123 12.3.3 Mar 03, 2009: RIL, GAIL, Cairn India And IOC Bid For Supplying CNG And Piped Natural Gas To Six Towns 124 12.4 Recent Discoveries 125 12.4.1 Feb 23, 2009: Oil India Discovers Oil At Mechaki-2 Well In Assam, India 125 12.4.2 Feb 23, 2009: ONGC Discovers Oil At KG-DWN-98/2 Block, India 125 12.5 Drilling and Production Updates 126 12.5.1 Apr 01, 2009: Cairn India To Commence Oil Production In Q3 2009 126 12.5.2 Mar 30, 2009: RIL Halts Crude Oil Production At KG-D6 Block For 45 Days 127 12.5.3 Mar 24, 2009: Focus Energy To Abandon SSF-2 Well At Block RJ-ON/6 In Rajasthan Basin, India 128 12.5.4 Mar 20, 2009: Hindustan Oil Exploration Plans To Drill PY-3 Field In Bay Of Bengal Block, India 128 12.5.5 Mar 19, 2009: RIL Plans To Drill Gujarat Saurashtra Block GS-OSN-2000/1 In India 129 12.5.6 Mar 16, 2009: ONGC To Explore Oil Resources In Rajasthan’s Hadauti Area, India 130 12.5.7 Mar 12, 2009: RIL Restarts Oil Production From KG-D6 Block In India 130 12.6 Financial Announcements 131 12.6.1 Feb 26, 2009: Gujarat Gas Company Declares 2008 Results 131 12.6.2 Jan 31, 2009: Assam Company Posts Total Income Of INR1.9 Billion For Full Year 2008 132 12.6.3 Jan 30, 2009: Gulf Oil Reports Nine Months Ended 2008 Results 132 12.6.4 Jan 30, 2009: Aban Offshore Declares Q3 Fiscal 2008/09 Results 134 12.6.5 Jan 30, 2009: IOC Declares Q3 Fiscal 2008 Results 134 12.7 Other Significant Developments 135 12.7.1 Mar 31, 2009: HPCL And ONGC To Purchase Initial Oil From Cairn India’s Rajasthan Block 135 12.7.2 Mar 31, 2009: RIL To Supply Gas From KG Basin To Power Projects 137 12.7.3 Mar 30, 2009: Maytas Infra Concludes Gas Pipeline Project For GSPL 138 12.7.4 Mar 29, 2009: Gujarat State Petroleum Completes 3D Seismic Programme At Hazira Field In Gujarat, India 138 12.7.5 Mar 28, 2009: IOC Signs MoU With Indian Government To Commission INR300 Billion Projects For 2009-10 139 12.7.6 Mar 28, 2009: IOC Receives Approval To Set Up INR30 Billion Coker Plant At Haldia In India 140 12.7.7 Mar 24, 2009: MRPL To Buy Oil From Cairn India’s Rajasthan Fields 140 12.7.8 Mar 24, 2009: RIL To Start Production From KG Basin From April 2009 142 12.7.9 Mar 24, 2009: India’s Dabhol LNG Terminal To Begin Operations In April 2009, Says GAIL 142 13 Appendix 143 13.1 Methodology 143 13.1.1 Coverage 144 13.1.2 Secondary Research 145 13.1.3 Primary Research 145 13.1.4 E&P Forecasts 145 13.1.5 Midstream Forecasts 147 13.1.6 Expert Panel Validation 147 13.2 Contact Us 147 13.3 About Us 147 13.4 Disclaimer 148 Executive Summary 1.1 List of Tables Table 1: India, Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 12 Table 2: LNG Regasification Capacity, India, 2008-2015, Bcf 14 Table 3: India, Historical Reserves of Natural Gas, 1996-2008 15 Table 4: India, Crude Oil and Natural Gas, Onshore and Offshore Royalty Rates, 2008 20 Table 5: India, Crude Oil and Natural Gas, Rental Rates, 2008 20 Table 6: India, Crude Oil and Natural Gas, Profit Oil/Gas, 2007 21 Table 7: India, Crude Oil and Natural Gas, Fixed Assets Depreciation Rates, 2007 22 Table 8: Withholding Tax Rate, 2008 23 Table 9: South Asia, Investment Benchmarking, Overall Country Rankings, April 2008 25 Table 10: South Asia, Investment Benchmarking, Upstream Fiscal Attractiveness, April 2008 26 Table 11: South Asia, Investment Benchmarking, Gas Sector Performance, April 2008 28 Table 12: South Asia, Investment Benchmarking, Economic Performance, April 2008 32 Table 13: South Asia, Country Standings, Economic Performance, April 2008 32 Table 14: South Asia, Investment Benchmarking, Socio-Political Performance, April 2008 34 Table 15: South Asia, Country Standings, Socio-Political Performance, April 2008 35 Table 16: India, Natural Gas Key Statistics, 2008 37 Table 17: India, Total Marketed Natural Gas Production (MMcf), 2001-2008 38 Table 18: India, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 39 Table 19: India, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 40 Table 20: India, Market Share (%) based on Marketed Natural Gas Production, 2001-2008 42 Table 21: India, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 44 Table 22: India, Active Gas Field Assets Details 44 Table 23: India, Planned Gas Field Assets Details 45 Table 24: India, Pipeline Key Statistics, 2008 46 Table 25: India, Natural Gas Pipeline Length by Company (Km), 2008 46 Table 26: India, Natural Gas Pipelines, 2008 48 Table 27: India, Natural Gas Pipelines, 2008 (Contd.) 49 Table 28: India, Natural Gas Pipelines, 2008 (Contd.) 50 Table 29: India, LNG Key Statistics, 2008 51 Table 30: India Regasification Capacity (Bcf), 2000-2015 51 Table 31: India Regasification Capacity (Bcf), 2000-2015 52 Table 32: India, Regasification Capacity, Company- Wise (Bcf), 2000-2015 52 Table 33: India Regasification Capacity, Company- Wise (Bcf), 2000-2015 53 Table 34: India, Regasification Capacity (Bcf), 2000-2015 54 Table 35: Reliance Industries Limited, Key Facts 55 Table 36: Indian Oil Corporation Limited, Key Facts 63 Table 37: Indian Oil Corporation Limited, SWOT Analysis 72 Table 38: Indian Oil Corporation Limited, Revenue by Segment, INR Million, 2004-2008 76 Table 39: Indian Oil Corporation Limited, Financial Statements, INR Million, 2004-2008 77 Table 40: Indian Oil Corporation Limited, Financial Ratios, INR Million, 2004-2008 78 Table 41: Marubeni Corporation, Key Facts 79 Table 42: Marubeni Corporation, SWOT Analysis 84 Table 43: Reliance Industries And Reliance Petroleum Boards Approve Their Merger 87 Table 44: Reliance Industries To Acquire 5% Stake In Reliance Petroleum From Chevron 89 Table 45: HPCL To Increase Stake In Mangalore Refinery And Petrochemicals 90 Table 46: IFC To Acquire 5% Stake In GSPC Gas 91 Table 47: Oil and Natural Gas Corporation Sells 46% Stake In Kakinada Refinery & Petrochemicals To GMR 92 Table 48: ONGC, IOC, GAIL keen To Buy ADB Stake In Petronet 93 Table 49: Indian Oil Plans To Sell Its Stake In ONGC and Gail 94 Table 50: GVK Power Acquires GVK Energy 95 Table 51: Naftogaz India To Raise $120 Million 96 Table 52: Great Eastern Energy Files Prospectus For Its IPO 97 Table 53: Gulf Oil Corporation To Raise $100 Million 98 Table 54: Great Eastern Energy Plans For Secondary Offering 99 Table 55: Indus Gas Completes Initial Public Offering 100 Table 56: Cairn India Completes Private Placement Of $625 Million 101 Table 57: Reliance Industries Completes 10.75% Bond Offering For $104 Million 103 Table 58: Reliance Industries Completes 10.1% Bond Offering For $104 Million 104 Table 59: BPCL Completes Debt Offering Of $201 Million 105 Table 60: Reliance Industries Completes Debt Offering Of $199 Million 106 Table 61: Hindustan Petroleum Partners With Total, GAIL India, Oil India And Mittal Energy 107 Table 62: Cairn And ONGC Enter Into Partnership 108 Table 63: Shell Partners With Arrow Energy 109 Table 64: Indian Oil And Adani Energy To Acquire 50% Stake In LNG Terminal 110 Table 65: BG Group Receives Approval To Acquire Interest In Krishna Godavari And Mahanadi Basin Blocks From Oil and Natural Gas 111 Table 66: ONGC Acquires 30% Interst In Tarapur Block CB-ON/2 112 Table 67: Rocksource To Acquire 10% Equity Interest In CY DWN 2001/1 From ONGC 113 Table 68: Canoro Resources To Acquire 30% Interest In Two Exploration Production Sharing Contracts 114 Table 69: Punj Lloyd To Bid For Singapore’s LNG Terminal 115 Table 70: ONGC Acquires 30% Interest In CB-ON-7 116 Table 71: Indian Oil Corporation Plans To Acquire Land From Kolkata Port Trust 117 Table 72: Gujarat State Petroleum Corporation Rejects Hindustan Petroleum Corporations Proposal For StakeIn Mundra LNG Terminal 118 Table 73: ONGC To Sell Its Stake In Block KG-DWN-98/2 To Petrobras International Braspetro And Hydro Oil and Energy India 119

Companies Mentioned

Reliance Industries Limited India Oil Corporation Limited Marubeni Corporation