Wednesday 11 February 2015, Amsterdam
The new report recognizes the following companies as the key players in Oil Exploration and Production Market in India: Cairn India Ltd., Oil and Natural Gas Corporation Ltd., Oil India Ltd. , Reliance Industries Ltd., Adani Welspun Exploration Ltd., BP plc, Bharat Petroleum Corporation Ltd., British Gas, British Petroleum Ltd., EssarOil Ltd., Gujarat State Petroleum Corp., Hindustan Oil Exploration Company Ltd.., Indian Oil Corporation Ltd., Jubilant Energy Ltd., Oilmax Energy, Selan Exploration Technology Ltd., Shiv-vani Oil, TATA Petrodyne Ltd.
Commenting on the report, an analyst from the reports team said: “The New Exploration Licensing Policy (NELP) was formulated by the Indian government to provide an equivalent stand to both public and private sector companies in exploration and production of hydrocarbons under the execution of the DGH. So far from round one to nine, 302 blocks have been allotted for exploration by various companies. Of these, 128 have resulted in oil and gas discoveries. An investment of US$20 billion has been committed on blocks given out, though half of this investment has been on Reliance Industries' KG-D6 block alone. The investment is likely to go further with the development of fifth, sixth, and seventh rounds to be completed by this year. The 10th round of NELP was unveiled in January 2014, under which a total of 46 oil and natural gas blocks have been offered for exploration.”
According to the report, one of the major drivers in this market is the growing energy demand in the country. The increasing consumption of energy in India has a positive influence on the demand for oil and gas, and this is expected to increase during the forecast period. Another major driver is the favorable government policies for the Oil and Gas sector.
Further, the report states that one of the major challenges in this market is the growing imbalance between energy demand and supply. The net production of crude oil has been quite low when compared to its demand.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.