OIL and GAS

For updated information, please visit www.ibef.org November 2017

Table of Content

Executive Summary……………….….…….3

Advantage India…………………..….……...4

Market Overview and Trends………..……..6

Porters Five Forces Analysis.….…..……...28

Strategies Adopted……………...……….…30

Growth Drivers……………………..............33

Opportunities…….……….......…………..…40

Success Stories………….......…..…...…....43

Useful Information……….......………….….46
 EXECUTIVE SUMMARY

 In FY17, India had 234.5 MMTPA of refining capacity, making it the 2nd largest refiner in Asia. By the end of
Second largest refiner in
2017, the oil refining capacity of India is expected to rise and reach more than 310 million tonnes. Private
Asia
companies own about 38.21 per cent of total refining capacity

World’s fourth-largest  India’s energy demand is expected to double to 1,516 Mtoe by 2035 from 723.9 Mtoe in 2016. Moreover, the
energy consumer country’s share in global primary energy consumption is projected to increase by 2-folds by 2035

Fourth-largest consumer  In 2016-17, India consumed 193.745 MMT of petroleum products. In 2017-18, up to October, the figure stood
of oil and petroleum at 115.579 MMT.
products  India was 3rd largest consumer of crude oil and petroleum products in the world in 2016.

 LNG imports into the country accounted for about one-fourth of total gas demand, which is estimated to
further increase by two times, over next five years. To meet this rising demand the country plans to increase
its LNG import capacity to 50 million tonnes in the coming years.
Fourth-largest LNG
 India increasingly relies on imported LNG; the country is the fourth largest LNG importer and accounted for
importer in 2016
5.68 per cent of global imports.

 India imported 18.787 MMT of LNG during 2016-17, in comparison to16.217 MMT in 2015-16. LNG imports in
2017-18, up to September, were 9.39 MMT.

Notes: MMTPA - Million Metric Tonnes Per Annum, Mtoe – Million Tonnes of Oil Equivalent; mbpd – Million Barrels Per Day; Figures mentioned in this slide is as per latest data available
Source: US Energy Information Administration (EIA), Ministry of Petroleum and Natural Gas

3 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

ADVANTAGE INDIA
 ADVANTAGE INDIA

 India is the world’s 4th largest energy  The University of Petroleum and Energy
consumer; oil and gas account for Studies in Dehradun, Uttarakhand, is
35.61 per cent of total energy Asia’s 1st and only energy university
consumption in India
 Indian Oil is going to invest Rs 1.8 trillion
 Demand for primary energy in India is over the next five to seven years to
to increase 3-fold by 2035 to 1,516 expand its refining capacity.
million tonnes of oil

ADVANTAGE
INDIA

 The government allows 100 per cent  Government has enacted various
Foreign Direct Investment (FDI) in policies such as the New Exploration
upstream and private sector refining Licensing Policy (NELP) and Coal Bed
projects Methane (CBM) policy to encourage
investments
 The FDI limit for public sector refining
projects has been raised to 49 per cent  New domestic natural gas pricing
without any disinvestment or dilution of guidelines has been enforced on 10th
domestic equity in the existing PSUs January 2014

Note: mbpd – Million Barrels Per Day, bcm – Billion Cubic Metres, F – Forecast; Figures mentioned in this slide is as per latest data available
Source: Business Monitor International (BMI), World Oil Outlook 2012, Ministry of Petroleum and Natural Gas, BP Statistical Review 2015,

5 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

MARKET OVERVIEW
AND TRENDS
 STATE-OWNED COMPANIES DOMINATE OIL AND GAS IN
INDIA

 India became the 3rd largest energy consumer in 2015 and continued to remain so in 2016.

 In FY17, oil production in the country reached 36.008 million metric tonnes as compared to 36.942 million metric tonnes in FY16. In 2017-18, up to
September, oil production stood at 18.025 million metric tonnes. As of 2016, the country had 600 million metric tonnes (MMT) of proven oil
reserves

 India had 1.2 million cubic metres of proven gas reserves at the end of 2016 and produced 30.84 bcm of gas in FY17 which is expected to rise
and reach 34.119 bcm by the end of 2017.

 State-owned ONGC dominate the upstream segment.

Upstream segment
- exploration and  It is the largest upstream company in Exploration and Production (EandP) segment,
production
accounting for approximately 61.5 per cent of the country’s total oil output (FY17).

 IOCL operates a 11,214 km network of crude, gas and product pipelines, with a capacity of
Midstream
Indian Oil and 1.6 mbpd of oil and 10 mmscmd of gas
segment – storage
Gas sector
and transportation
 This is around 30 per cent of the nation’s total pipeline network

 IOCL is the largest company, controls 10 out of 22 Indian refineries, with a combined capacity
of 1.31 mbpd
Downstream
segment – refining,  Reliance launched India’s 1st privately owned refinery in 1999 and has gained considerable
processing and market share (30 per cent)
marketing
 Essar’s Vadinar refinery has a capacity of 20 mmtpa, currently accounting for around 10 per
cent of total refining capacity

Notes: bcm – Billion Cubic Metres, tcf – Trillion Cubic Feet, mbpd – Million Barrels Per Day, mmscmd - Million Metric Standard Cubic Metre Per Day, tcm -- trillions of cubic meters, mmtpa -
- million metric tons per annum
Source: BP Statistical Review 2015, US Energy Information Administration, Ministry of Petroleum and Natural Gas, Aranca Research

7 Oil and Gas For updated information, please visit www.ibef.org

 OIL SUPPLY AND DEMAND IN INDIA (1/2)

 Oil consumption has expanded at a CAGR of 2.98 per cent during Oil consumption in India (2008-17) (mbpd)
FY2008–17E to reach 4.13 mbpd by 2017.

 Due to the expected strong growth in demand, India’s dependency 4.50

on oil imports is likely to increase further

 Rapid economic growth is leading to greater outputs, which in turn is 4.00

4.13
4.00

4.00
increasing the demand of oil for production and transportation

3.85
3.73
3.69
3.50
 With rising income levels, demand for automobile is estimated to

3.49
3.32
increase, in turn leading to augmented demand for oil and gas

3.24
3.00

3.08
2.50

2.00

1.50

1.00

0.50

0.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

Note: F – Forecast, CAGR – Compound Annual Growth Rate, mbpd – Million Barrels Per Day, mn bbl – Million Barrels, E- Estimated
Source: Ministry of Oil and Natural Gas, BP Statistical Review 2015 BMI Forecasts, Aranca Research

8 Oil and Gas For updated information, please visit www.ibef.org

 OIL SUPPLY AND DEMAND IN INDIA (2/2)

 In FY17, total crude oil imports were valued at US$ 80.3 billion as Imports
Visakhapatnam
and domestic
port
oil traffic
production
(million
in India
tonnes)
(mbpd)
compared to US$ 70 billion in FY16. In FY17, imports accounted for
82 per cent of the country’s total oil demand. In FY18, up to
6.00
September, Crude Oil Production and Imports stood at 0.36 and 2.14
mbpd respectively.

 In March 2017, the Indian Strategic Petroleum Reserve Ltd (ISPRL) 5.00
4.27
and Abu Dhabi National Oil Company (ADNOC) of UAE signed an 4.05
agreement, to fill up 0.81 MMT or 5,860,000 million barrels of crude 3.69 3.78 3.79
oil at ISPRL storage facility at Mangalore, Karnataka. 4.00 3.43
3.27
3.18
 According to the Organisation of the Petroleum Exporting Countries
(OPEC), the demand for oil across the world will grow by 1.26 million 3.00
barrels per day (mb/d). Moreover, majority of the oil demand across
the globe is expected to originate from India. 2.14
2.00

1.00

0.67 0.75 0.76 0.76 0.76 0.75 0.74 0.72

0.00 0.36
1
FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY18

Oil Production (mbpd) Oil imports(mbpd)

Note: F – Forecast, mbpd – Million Barrels Per Day, FY181-Up to September

Source: Ministry of Oil and Natural Gas, BMI forecasts, Aranca Research

9 Oil and Gas For updated information, please visit www.ibef.org

 GAS SUPPLY AND DEMAND IN INDIA (1/2)

 India’s gas consumption has increased at a CAGR of 2.3 per cent Proven reserves
Visakhapatnam
and total gas
portconsumption
traffic (million
in tonnes)
the country (bcm)
between 2007 and 2016.

 Demand is not likely to simmer down anytime soon, given strong 1600
economic growth and rising urbanisation. Gas consumption is 1,427
projected to reach 216 bcm by 2021-22. 1400 1,330 1,355
1,278 1,252 1,227
1200 1,155 1,149
1,090
1,055
1000

800

600

400

200
40 42 52 63 64 59 51 51 47 49
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Gas Consumption Proven Gas Reserves

Note: F – Forecast, bcm – Billion Cubic Metres, CAGR – Compound Annual Growth Rate Figures mentioned in this slide is as per latest data available
Source: PPAC, BP Statistical Review 2015, Ministry of Oil and Natural Gas 2014, Aranca Research;

10 Oil and Gas For updated information, please visit www.ibef.org

 GAS SUPPLY AND DEMAND IN INDIA (2/2)

 Domestic production accounts for more than three-quarter of the Domestic gas production and imports (bcm)
country’s total gas consumption

 Demand is expected to increase due to higher economic growth, 70

ensure less dependency on imported crude and a desire to use
cleaner fuel 13 18
60
 India’s LNG imports increased at a CAGR of 9.55 per cent during
12 17 25
FY08–FY17.
50
51 17 21.6 22.7
 Domestic gas production in India stood at around 30.84 billion cubic
47
metres in FY17. 45
40 11 11
 In India, auto LPG sector registered sales growth of 4.9 per cent in 40
35 12
the fiscal year 2016-17. Moreover, the sales volume growth was
30 32 32 33 32
about 8.18 per cent in March 2017, as against March 2016. In 31
addition, the auto LPG sales in India grew to 346 TMT in 2016-17, in
20 24
comparison to 330 TMT in 2015-16

10

0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Gas production Gas Imports

Note: bcm – Billion Cubic Metres, TMT – Thousand Metric Tonnes, Estimated Figures
Source: Ministry of Oil and Natural Gas, BP Statistical Review 2015, Aranca Research

11 Oil and Gas For updated information, please visit www.ibef.org

 UPSTREAM SEGMENT: CRUDE OIL AND GAS
PRODUCTION (1/2)

Annual crude oil production (“000” Tonnes) Crude Oil Production (“000” Tonnes)

40000 40000

10527

11640

12076
35000

11785
35000

19089

11356

10839
18421
17918

17419
16330
16230
19116

5263
30000 30000
19794

25000 3572 3847

25000
3661 3466 3412 3226 3480

24855
20000

23716

22561

22368
20000

22264
22246

22218
19536
19431

18472
18016

17853

17588
15000
16411

15000
10000
11809

10000
5000
5000
0
2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17
0
FY11 FY12 FY13 FY14 FY15 FY16 FY17

ONGC OIL Pvt/JV

Onshore Offshore

 In 2016-17, crude oil production stood at 36 million tonnes.

 ONGC accounted for 61.7 per cent of total crude oil production in India.

Notes: mmt – Million Metric Tonne, JV – Joint Venture P - Provisional

Source: Ministry of Petroleum and Natural Gas, Aranca Research, petroleum.nic.in;

12 Oil and Gas For updated information, please visit www.ibef.org

 UPSTREAM SEGMENT: CRUDE OIL AND GAS
PRODUCTION (2/2)

Annual gas production (million metric standard cubic meter) Annual gas production (million metric standard cubic meter)

50000 60000
45000
50000
43645

26774
40000

21609
38811

38475

35000
40000

14491
30000 31802

6872
9497

8912

8235
25000 30000
26395

24861
2633 2639 2626

23012
20000 2350 2722

22038
2838 2937

23549
20000

23316

23284
23095

22088
22023
15000

21177
10000
10000
8685

8574

9084

8877

9012

8797

9237

9294
5000
0 0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Onshore Offshore OIL ONGC Pvt/JV

 Total gas production in FY17 was 31.21 bcm.

 Annual gas production increased between FY09-10 and FY16-17, reaching 31,896 mmscm

Note: bcm – Billion Cubic Metres, mmscmd-- Million Metric Standard Cubic Meter Per Day, JV – Joint Venture
Source: Ministry of Petroleum and Natural Gas; Aranca Research

13 Oil and Gas For updated information, please visit www.ibef.org

 UPSTREAM SEGMENT: EXPLORATION AND
DEVELOPMENT ACTIVITIES

Development drilling activities (FY171)) Exploration activities (FY17(1))

1000 350
900 628 227
300
800
700 250

600
200
500
150
400 119
300 100
222 312 102
200
50
100
86 40
0 0
Offshore Onshore Offshore Onshore

Wells Meterage ('000 metres) Wells Meterage ('000 metres)

 During FY17(1), 1,245,000 metres of wells were explored and developed and 540 wells were drilled in the country.
 State-owned oil companies undertake most of the upstream drilling and exploration work.

Notes: FY17(1) - Provisional

Source: Ministry of Petroleum and Natural Gas, Aranca Research, BMI

14 Oil and Gas For updated information, please visit www.ibef.org

 PIPELINES: CRUDE PIPELINE NETWORK

Shares in crude pipeline network by length (out of 10,299km) Shares in crude pipeline network by capacity (out of 139.2
(September 2017)1 MMTPA) (September 2017)1

IOCL
ONGC
17.03%
25.38%
OIL
6.03% 42.03% IOC

51.47%

11.56% ONGC
OIL

11.58% 34.91%
Others
Others

 As on 1st September 2017, India had a network of 10,299 km of crude pipeline having a capacity of 139.2 mmtpa(1)
 In terms of length, IOCL accounts for 51.47 per cent (5,307 km) of India’s crude pipeline network in September 2017.
 In terms of actual capacities, ONGC leads the pack with a share of 42.03 per cent, followed by IOCL at 34.91 per cent

Note: km – Kilometre, mmtpa – Million Metric Tonnes Per Annum, (1)Approximate

Source: Ministry of Petroleum and Natural Gas, Aranca Research

15 Oil and Gas For updated information, please visit www.ibef.org

 Pipelines: Existing Pipelines in India

IOCL BPCL(1) HPCL(2) OIL ONGC(3) Cairn HMEL Others (GAIL and Petronet India.) Total industry

Length (Kms)

Product
7,503 1,936 3,333 654 - - - 2,688 16,114
Pipeline

Crude oil
5,301 937 - 1,193 1,191 660 1,017 - 10,299
Pipeline

Total 12,804 2,873 3,333 1,847 1,191 660 1,017 2,688 26,413

Capacity of Crude Oil Pipelines (MMTPA)

Product
48.6 14.9 34.6 1.7 - - - 9.3 105.6
Pipeline

Crude oil
40.4 6.0 - 8.4 58.5 8.7 9.0 - 139.2
Pipeline

Total 89.0 20.9 34.6 10.1 58.5 8.7 9.0 9.3 227.3

Note: kms – Kilometres, mmtpa – Million Metric Tonnes Per Annum, (1) Includes Petronet Cochin-Coimbatore-Karur Product pipeline, (2) Includes Petronet Mangalore-Hassan-Bangalore
Product Pipeline, (3) Data as on 1st September, 2017
Source: Ministry of Petroleum and Natural Gas, Aranca Research

16 Oil and Gas For updated information, please visit www.ibef.org

 PIPELINES: REFINED PRODUCTS AND LPG PIPELINE
NETWORK

Shares in products pipeline network under operation by length Shares in Natural Gas pipeline network by length (out of 16,454
(out of 16,441km, FY182) km) (FY183)

1.00%

IOC GAIL
4.97%
16.35%
Reliance
HPCL 15.87%
3.98%
GSPL

47.62% BPCL
11.78% 10.84% ARN

OIL 67.32% Others

4

20.27% 1
Others

 With 16,441 km of refined products pipeline network (capacity of 105.6 mmtpa) in India, Indian Oil Corporation (IOC) leads the segment with 47.62
per cent of the total length of product pipeline network, as of October 1, 2017.
 Top 3 companies IOC, HPCL and BPCL contribute 79.77 per cent of the total length of product pipeline network in the country.
 In September 2017, Gas Authority of India Ltd. (GAIL) has largest share (67.32 per cent or 11,077 km) of the country’s natural gas pipeline
network (16,454 km)
Note: km - Kilometre, mmtpa – Million Metric Tonnes Per Annum, LPG - Liquefied Petroleum Gas, IOC - Indian Oil Corporation, HPCL - Hindustan Petroleum Corporation Ltd, BPCL -
Bharat Petroleum Corporation Ltd, OIL - Oil India Limited, (1)Others include GAIL and Petronet India, (2)As of October 1, 2017, (3)As of September 1, 2017, (4)Others include IOCL and
ONGC
Source: Ministry of Petroleum and Natural Gas, Aranca Research

17 Oil and Gas For updated information, please visit www.ibef.org

 DOWNSTREAM SEGMENT: REFINERY CRUDE
THROUGHPUT… (1/2)

 State-controlled entities dominate the downstream segment as well Visakhapatnam

Refinery crude
port throughput
traffic (million
(mmt)
tonnes)
 India has 19 refineries in the public sector and 3 in the private sector

 Private companies such as Reliance Industries Ltd. and Essar Oil 250
have become major refiners

 In 2017, up to September, public sector refineries accounted for

89
200

88
88

88
62.81 per cent of total refinery crude throughput

81
82
81
 Private sector refineries’ total crude throughput grew at a CAGR of

68.4
10.11 per cent, reaching to 91.1 mmt during FY08-17.

49
150

44

126.3
121.4
120.9

120.3

119.5

115.5
115.3
112.5

112.2

112.1
100

50

0
1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Public sector Private sector

Note: mmt – Million Metric Tonne, (1)Upto September 2017

Source: Ministry of Petroleum and Natural Gas, Aranca Research

18 Oil and Gas For updated information, please visit www.ibef.org

 DOWNSTREAM SEGMENT: REFINERY CRUDE
THROUGHPUT… (2/2)

Shares in India's total refining capacity (FY17) Total installed capacity FY17 (mmt)

250

95
200 80
RIL IOC 80
22.68% 25.59%
150

135.1 139.5
5.12% 100 120.1
BPCL HPCL
6.70%
50
10% 29.51%

CPCL Others 0
FY15 FY16 FY17

Public sector Private sector

 In FY17, the sector’s total installed provisional refinery capacity was 243.5 mmt. IOC emerged as the largest domestic refiner with a capacity of
69.2 mmt
 Top three companies - RIL, IOC and BPCL contribute around 65.5 per cent of India's total refining capacity

Note: mmt – Million Metric Tonne; HPCL - Hindustan Petroleum Corporation Ltd, BPCL - Bharat Petroleum Corporation Ltd, OIL - Oil India Limited, ONGC - Oil and Natural Gas
Corporation, IOCL - Indian Oil Corporation Ltd, CPCL - Chennai Petroleum Corporation Limited, Others include: NRIL - Numaligarh Refinery Limited, MRPL - Mangalore Refinery and
Petrochemicals Limited, RPL - Renegade Petroleum Ltd, EOL - Essar Oil Ltd, ONGC, BORL, HMEL
Source: Ministry of Petroleum and Natural Gas, PPAC, Aranca Research

19 Oil and Gas For updated information, please visit www.ibef.org

 DOWNSTREAM SEGMENT: PETROLEUM PRODUCTS

 Consumption of petroleum products in India stood at 183.5 mmt in Consumption of Petroleum Products FY17 (mmt)
FY15, 184.6 mmt in FY 16 and 193.75 mmt in FY17.
250.0
 Petroleum products derived from crude oil include light distillates
such as LPG, naphtha; middle distillates such as kerosene; and 200.0
heavy ends such as furnace, lube oils, bitumen, petroleum coke and 46.4
paraffin wax 150.0 31.4 31.6
29.0
24.9 28.1

88.9
27.7 24.6

81.9
82.8
27.5

81.8
82.7
27.7
 Light distillates with the highest growth rate grew at CAGR of 4.78

79.4
100.0

75.0
71.1
66.4
62.8
per cent, while middle distillates and heavy end segment witnessed a
50.0
CAGR of 3.93 per cent and 5.89 per cent respectively, during the 50.9 54.7 58.5
38.4 39.7 39.0 41.4 43.9 46.3 47.6
year FY08-17. 0.0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
 During FY17, the production of petroleum products by fractionators
was 3,458 thousand metric tonnes. Production reached 2,239 tmt Light Distillates Middle Distillates Heavy Ends
between Apr-Sep 2017.

Production of Petroleum Products by Fractionators (tmt)

5000

4000

4,363
4,191

4,175
4,169

4,089
4,084
3,996

3,872

3,657
3000

3,458
3,377
2000

2,239
1000

0
FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY18*
Note: mmt – Million Metric Tonne, tmt – thousand metric tonne, FY18* - up to September
Source: Ministry of Petroleum and Natural Gas, Aranca Research

20 Oil and Gas For updated information, please visit www.ibef.org

 DOWNSTREAM SEGMENT: DISTRIBUTION AND
MARKETING

 In FY17, total consumption of petroleum products by private sector Downstream distribution statistics (MMT)
increased to 22 per cent from 20 per cent in FY16.
250.0
 The total number of OMC retail outlets increased to 59,595 at the
end of FY17 from 56,190 at the end of FY16. 200.0

107.58
96.61
97.36
109.72
 IOC, as of March 31, 2017, owned the maximum number of retail

97.36
outlets in the country (44.0 per cent of total), followed by HPCL (24.2 150.0

per cent) and BPCL (23.5 per cent); the remaining being owned by
100.0
private firms

105.6
104.5
97.7
89.6
85.1
 As of March 21, 2017, there were 18,786 LPG distributors in India. 50.0

0.0
1
FY14 FY15 FY16 FY17 FY18

Product pipeline Natural Gas Pipeline

Capacity (mmtpa) Length (km)

Pipeline
As of October 1, 2017 As of October 1, 2017

Product Pipeline 105.6 16,441

Natural Gas Pipeline1 107.58 16,454

Note: MMT – Million Metric Tonne, mmtpa – Million Metric Tonnes Per Annum, OMC – Oil Marketing Companies, 1As of September 2017
Source: Ministry of Petroleum and Natural Gas, Aranca Research

21 Oil and Gas For updated information, please visit www.ibef.org

 INDIA’S ENERGY CONSUMPTION MIX … (1/2)

 Energy demand in the Asia-Pacific region is estimated to be around 5,579.7 Mtoe at the end of 2016 and is expected to reach 5,627 Mtoe by 2020
and 6,861 Mtoe by 2035

 India’s energy demand is projected to double to 48.7 quadrillion BTU by 2035

 The primary energy consumption of India rose by 5.66 per cent in 2016 and 3.24 per cent in 2015.

 In 2016, coal maintained its dominancy and accounted for 56.9 per cent of total primary energy demand.

 According to the International Energy Agency (IEA), India is expected to account for almost one-third of the global growth in energy demand by
2040.

Note: Mtoe – Million Tonne of Oil Equivalent, BTU – British Thermal Unit; Figures mentioned in this slide is as per latest data available
Source: US Energy Information Administration (EIA), BP Statistical Review 2015, Asia-Pacific Economic Cooperation (APEC), Aranca Research

22 Oil and Gas For updated information, please visit www.ibef.org

 INDIA’S ENERGY CONSUMPTION MIX … (2/2)

 Over the next few years, dependence on gas, hydro power and Consumption pattern expected in 2035
nuclear power is expected to increase relative to oil and coal

 The government aims to quadruple India’s nuclear power generation

capacity to 20 GW by 2020; currently, 7 nuclear power reactors of Coal
4,930 MWe capacity are under construction 8.00%

 In coming decades, a major portion of consumption dependability of 11.00%

Petroleum
energy mix is expected to shift from coal and petroleum to other
resources like natural gas, solid biomass and waste and nuclear and 42.00%
other renewable sources
15.00% Solid Biomass and
Waste

Natural Gas

24.00%

Nuclear and other

renewables

Note: 1As of September 2017

Source: International Energy Agency (IEA), Aranca Research

23 Oil and Gas For updated information, please visit www.ibef.org

 STATE-WISE CRUDE RESERVE, CAPACITY AND
THROUGHPUT

Balance recoverable reserves Installed capacity, Crude throughput for

State State
of crude oil, 2017 (MMT) as of April 2017 (mt) FY 2017 (mmt)

Assam 159.96 Gujarat 93.7 105.01

Maharashtra 19.5 22.05

Gujarat 118.61
Haryana 15.0 15.64
Rajasthan 24.55
Karnataka 15.0 15.97
Tamil Nadu 9.00
Tamil Nadu 1.5 0.53
Andhra Pradesh 8.15
Kerala 12.4 11.82

Nagaland 2.38 Andhra Pradesh 8.396 9.42

Arunachal Pradesh 1.52 Uttar Pradesh 8.0 9.23

West Bengal 7.5 7.69

Tripura 0.07
Assam 7.0 6.57
Total Onshore 324.24
Bihar 6.0 6.53
Western Offshore 239.20
Punjab 9.0 10.52
Eastern Offshore 40.67 Madhya Pradesh 6.0 6.36

Total Offshore 279.87 Odisha 15 8.23

Himachal Pradesh 10.5 9.76

Total 234.496 245.33

Note: Mmt – Million Metric Tonne, mt – Million Tonne
Source: Ministry of Petroleum and Natural Gas, Aranca Research

24 Oil and Gas For updated information, please visit www.ibef.org

 KEY DOMESTIC OIL AND GAS COMPANIES

Ownership FY17 turnover

Company
(per cent) as on FY16-17 (US$ billion)

57.34%
Indian Oil Corporation Limited 55.29
state-owned

Reliance Industries Public Listed 48.46

Bharat Petroleum Corporation 54.93%

31.13
Limited state-owned

Hindustan Petroleum 51.11%

29.26
Corporation Limited state-owned

68.07%
ONGC 11.99
state-owned

54.97%
GAIL India Limited 7.68
state-owned

66.60%
Oil India Limited(1) 1.69
state-owned

Note: : FY – Indian Financial Year, April–March (1) - Data for half year ended September 2015
Source: Bloomberg, Aranca Research

25 Oil and Gas For updated information, please visit www.ibef.org

 KEY INTERNATIONAL OIL and GAS COMPANIES
OPERATING IN INDIA

Ownership Global turnover

Company
(per cent) (2016) ( US$ billion)

Cairn India Pvt Ltd Private Sector 0.639

Shell Private Sector 233.6

BP Private Sector 186

Source: Indian counterpart, Bloomberg, Aranca Research, Company websites

26 Oil and Gas For updated information, please visit www.ibef.org

 NOTABLE TRENDS IN THE OIL AND GAS SECTOR

 Government approved the CBM policy in 1997 to boost the development of clean and renewable energy
Coal Bed Methane resources
(CBM)  The CBM policy was designed to be liberal and investor friendly; the 1st commercial production of CBM was
initiated in July 2007 at about 72,000 cubic metres per day

 The technology was first widely used in the US in the 1800s and in India (Kolkata and Mumbai) in the early
1900s
Underground Coal
 UCG is currently the only feasible technology available to harness energy from deep unmineable coal seams
Gasification (UCG)
economically in an eco-friendly manner and it reduces capital outlay, operating costs and output gas
expenses by 25–50 per cent vis-à-vis surface gasification

 The government initiated the National Gas Hydrate Programme (NGHP), a consortium of national E and P
Gas hydrates and bio- companies and research institutions, to map gas hydrates for use as an alternate source of energy
fuels  Bio-fuels (bio-ethanol and bio-diesel) are alternate sources of energy from domestic renewable resources;
these have lower emissions compared to petroleum or diesel

 The Open Acreage Licensing Policy (OLAP), which allows an explorer to study the data available and bid for
Open Acreage Licensing
blocks of his choice has been initiated in parallel with NELP to increase foreign participation by global E and P
Policy
companies like Shell, BP, Conoco Phillips etc

27 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

PORTERS FIVE
FORCES ANALYSIS
 Porter’s Five Forces Framework Analysis
Bargaining Power of Suppliers
 Medium - Bargaining power is
medium as despite few players
operating, government at times delays
subsidy payment to oil companies,
thereby increasing losses
Positive Impact
Neutral Impact
Negative Impact
Source: Aranca Research
29 Oil and Gas
Threat of Substitutes
 Low - Threat is low, as other sources
of energy like solar, wind, coal and
hydro electric power are less
developed. Pressure from alternative
sources might rise in future
Competitive Rivalry Bargaining Power of Buyers
 Low - Competitive rivalry is low as  Low - Customers have low/non
just one-two players operate in existent bargaining power
Upstream, Midstream and  Customers are price-taker not a price
Downstream segments maker
 Although a few private operators have
entered the industry in the last couple
of years, they do not pose any major
threat as of now
Threat of New Entrants
 Low - Threat of new entrants
continues to be low, due to the capital
intensive nature of the industry and
economies of scale
For updated information, please visit www.ibef.org
 Oil and Gas

STRATEGIES
ADOPTED
 STRATEGIES ADOPTED … (1/2)

 Indian Oil Corp plans to make an investment of US$22.91 billion, including US$7.64 billion for expanding its existing
brownfield refineries, in the next 5 to 7 years. Moreover, the company plans to lay the nation's longest LPG pipeline of
1987 km, from Gujarat coast to Gorakhpur in eastern Uttar Pradesh, to cater to growing demand for cooking gas in the
country

 State run energy firms Bharat Petroleum, Hindustan Petroleum and Indian Oil Corp plan to spend US$ 20 billion on refinery
expansions to add units, by 2022

 India targets US$100 billion worth investments in gas infrastructure by 2022, including an addition of another 228 cities to
city gas distribution (CGD) network. This would include setting up of RLNG terminals, pipeline projects, completion of the
gas grid and setting up of CGD network in more cities.

Expansions  As of May 2017, the Indian government is in talks with major Asian countries including China, South Korea, Taiwan and
Japan to push for an Asian Natural Gas Trading Company in order to reduce the impact of oil price volatility on the Asian
market.
Open Acreage Licensing Policy
 In August 2017, the Board of Indian Oil approved its expansion of its Gujarat refinery from 13.7 MMTPA to 18 MMTPA at a
cost of US$ 2.31 billion.

 The country’s state owned oil companies aim to sustain spending at a 3 year high due to increasing demand and declining
oil services costs. In 2017, Hindustan Petroleum plans to increase its spending by 17 per cent and Indian Oil by 25 per
cent.

 Indian Oil plans to expand its refining capacity and build new businesses, for which it will be spending US$ 27.94 billion
over the next 5-7 years.

 Oil companies are focusing on vertical integration for next stage of growth. For instance, oil producer Oil India Ltd is
planning to build and operate refineries, while Indian Oil is planning to enter oil and gas exploration
Diversification  As of March 2017, Bharat Petroleum Corp. Ltd. (BPCL), an Indian state-controlled oil and gas company, plans to enter the
country’s travel business with the launch of its startup named as “Happy Roads”. The app,which is available on Android
Play Store, documents itineraries and assists the users in planning a fun-filled trip

Source: Aranca Research

31 Oil and Gas For updated information, please visit www.ibef.org

 STRATEGIES ADOPTED … (2/2)

Move to non-
 Companies are looking forward to developing JVs and technical partnership with foreign companies to improve capabilities
conventional energy to develop shale reserves
resources

 Indian companies are enhancing production through redevelopment plans to increase recovery rates of hydrocarbon from
Investments to enhance oil wells; ONGC in Mumbai High achieved success in implementing this.
production  Bharat Petroleum Corporation (BPCL) has planned to invest US$ 1.53 billion during FY17 to enhance and expand its
refining capacity

 Private sector units like Adani, Sun Petrochemicals and few new entrants have bagged 1/3rd of small oil and gas fields.
More focus upon small
 In February 2017, Genesis, London, bagged a contract from RIL’s (Reliance Industries) to design deep water field front
companies
end engineering at KG Basin in West India.

Pilot project Initiated for

 Oil and Natural Gas Corp (ONGC) has started Shale Gas exploration by spudding the first Shale Gas well RNSG-1 in
Shale Gas Production in Burdwan District of West Bengal.
India

 By March 2017, state-owned natural gas company, GAIL, plans to start distributing piped cooking gas in Bhubaneswar and
Varanasi.
Piped Cooking Gas
 As of August 2017, Indian Oil has initiated doubling of its capacity of gas and piped natural networks from15,000km to
30,000km.

Notes: ATM - Automated Teller Machine, FIP – Financial Inclusion Plan, RBI – Reserve Bank of India
Source: India Banking Association, Reserve Bank of India, Aranca Research

32 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

GROWTH DRIVERS
 GROWTH DRIVERS … (1/2)

 India is the world’s 4th largest energy consumer

Robust domestic market;  Oil consumption is expected to rise by 42.5 per cent during 2010–20
expected to expand
 The country is the 4th largest importer of LNG

Increasing demand for  Several industries are increasing the usage of natural gas in operations; this has boosted natural gas demand in India
natural gas  Some of the main industries that use natural gas are pulp, paper, metals, chemicals, glass, plastic and food processing

 The nation has large coal, crude oil and natural gas reserves

Abundant raw material  Proven Oil reserves amounted to 600MMT in 2016

 Proved reserves of natural gas stood at 1.2 tcm in 2016

 The government has allowed 100 per cent FDI in E and P projects/companies; and 49 per cent in refining under the
automatic route from the earlier approval route
Favourable policies
 It has also introduced policies to promote investments in the industry such as New Exploration Licensing Policy (NELP)
and Coal Bed Methane (CBM)

 Investments worth US$ 75 billion is expected across the oil and gas value chain under the erstwhile 12th Plan (2012–17)
Huge investments  ONGC plans to incure capital expenditure of US$ 4.31 billion in FY2017-18, for developing their offshore oil and gas fields
in Gamji, Bassein, Daman on the West coast and Vasishta and Nagyalanka on the East coast.

Notes: TCM - Trillion Cubic Metres, EandP - Exploration and Production

Source: Ministry of Petroleum and Natural Gas, US Energy Information Administration, BP Statistical Review of World 2015 Energy, June 2012; BMI, Aranca Research

34 Oil and Gas For updated information, please visit www.ibef.org

 GROWTH DRIVERS … (2/2)

 The nation offers abundant skilled labour at much competitive wages compared to other countries
Skilled labour
 The University of Petroleum and Energy Studies in Dehradun, Uttarakhand, is Asia’s first and only energy university

Massive gas pipeline  In September 2017, country’s natural gas pipeline network spanned over 16,454 km in length and the proposed expansion
network of 30,000 kms is envisaged by 2018-19

 Several domestic companies (such as ONGC, Reliance and Gujarat State Petroleum) have reportedly found natural gas in
deep waters

 In March, ONGC started production at two oil wells located in Jorhat, Assam. These oil wells were discovered in 2016-17,
and are producing 50 tonnes per day, which increased the overall production of Jorhat asset from 350 tonnes per day to
Natural gas discoveries 400 tonnes per day.

 In April 2017, ONGC claimed to have made 23 new gas and oil discoveries in the fiscal 2016-17 and the company has set
new record in exploring and production activities.

 In June 2017, Oil India Ltd. has made a oil discovery in the Baghjan area of upper Assam basin. The discovery was made
by Baghjan Petroleum Mining Lease (PML).

Notes: Kms- Kilometres

Source: Ministry of Petroleum and Natural Gas, BMI, Aranca Research

35 Oil and Gas For updated information, please visit www.ibef.org

 REGULATORY OVERVIEW OF THE INDUSTRY… (1/2)

Pricing of CNG and PNG  In 2014, the pricing for CNG (transport) and PNG (domestic) were examined by the Ministry of Petroleum and Natural Gas
by CGD Entities (2014) while the disclosure of prices of the CNG and PNG commodities were made compulsory

The Policy on Shale Gas  Allows companies to apply for shale gas and oil rights in their petroleum exploration licenses and petroleum mining leases
and Oil, 2013

Shale Gas and Oil  Approved in September 2013, it allows companies to explore energy resources trapped within rocks to meet India’s
Exploration Policy growing energy needs

The National Biofuel  Promotes bio-fuel usage, the Government of India has provided a 12.36 per cent concession on excise duty on bio-ethanol
Policy, 2009 and exempted bio-diesel from excise duty

Integrated Energy Policy  Outlines goals to deal with challenges faced by India’s energy sector
(IEP), 2006

Source: Ministry of Petroleum and Natural Gas, Aranca Research

36 Oil and Gas For updated information, please visit www.ibef.org

 REGULATORY OVERVIEW OF THE INDUSTRY… (2/2)

Petroleum and Natural

 Regulate refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products
Gas Regulatory Board and natural gas
(PNGRB) Act, 2006

 Provide a roadmap to comply with various vehicular emission norms and corresponding fuel quality upgrading
Auto Fuel Policy, 2003 requirements over a period of time

National Biofuel Policy,  A 16 per cent concession on the excise duty on bio-ethanol and exemption of bio-diesel from excise duty to promote bio-
2002 fuel usage

Freight Subsidy (for far-

 Compensate public sector Oil Marketing Companies (OMCs) for the freight incurred to distribute subsidised products in far-
flung areas) Scheme, flung areas
2002

Domestic Natural Gas  New domestic natural gas pricing formula has been formed, which will be revised on an half yearly basis.
Pricing Formula, 2014

Notes: NELP - New Exploration Licensing Policy

Source: Ministry of Petroleum and Natural Gas, Aranca Research

37 Oil and Gas For updated information, please visit www.ibef.org

 FDI INVESTMENTS IN PETROLEUM AND GAS IN INDIA

Cumulative FDI inflows into petroleum and natural gas (US$ billion)

8.00
CAGR 14.22%
7.00

6.86
6.85
6.67
6.60
6.00

5.50
5.40
5.00

4.00

3.00
3.30
3.20
2.70

2.00

1.00

0.00
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18*

 Cumulative FDI inflows in India’s petroleum and natural gas sector stood at US$ 6,861.66 million (2 per cent of total FDIs) during April 2000 -June 2017.
 Between FY10 and FY17 (April 2000 – June 2017), FDI inflows into petroleum and natural gas sector grew at CAGR 14.25 per cent.

Note: FY18* - Up to June 2017

Source: : Department of Industrial Policy and Promotion, Aranca Research

38 Oil and Gas For updated information, please visit www.ibef.org

 MandA ACTIVITIES IN THE INDIAN OIL AND GAS
SECTOR

Date announced Acquirer name Target name Value of deal (US$ million)

Dec 2016 Oil and Natural Gas Corp's Gujarat State Petroleum Co's 1200
Dec 2015 ONGC Videsh Ltd (OVL) Vankor oil field 1260
Jan 2015 Bharat Forge Mecanique Generale Langroise 12.82
Jun 2014 Gulf Petrochem Ltd Sah Petroleums Limited 7.13
Mar 2014 IOCL Progress Energy Canada Ltd Not disclosed
Oct 2013 ONGC Videsh Ltd Parque das Conchas, Brazilian Oilfield 529
ONGC Videsh Ltd (in partnership
Jun 2013 Rovuma Area 1 Offshore Block 2640
with Oil India Ltd)
Nov 2012 ONGC Videsh ConocoPhillips (Kashagan Field) 5,000.0
Oil and Natural Gas Corp’s exploration block
Nov 2012 Inpex Corp Not disclosed
KG-DWN-2004/6
Sep 2012 ONGC Videsh Hess Corp (Azrei oilfield) 1,000.0
Apr 2012 Trafigura Pte Ltd Nagarjuna Oil Co Ltd 130.0
Apr 2011 Sesa Goa Ltd Calm India Ltd 1,492.0
Feb 2011 BP PLC Reliance Industries Ltd 9,000.0
Aug 2010 BPRL EP413 13.4
Aug 2010 Sesa Goa Ltd Cairn India Ltd 1,180.8
Aug 2010 Vedanta Resources PLC Cairn India Ltd 6,568.5
Aug 2010 Reliance Industries Ltd Marcellus Shale Natural Gas 391.6

Source: Thomson Banker

39 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

OPPORTUNITIES
 OPPORTUNITIES

 Locating new fields for exploration: 78 per cent of the country’s sedimentary area is yet to be explored

 Development of unconventional resources: CBM fields in the deep sea

Upstream segment
 Opportunities for secondary/tertiary oil producing techniques

 Higher demand for skilled labour and oilfield services and equipment

 Expansion in the transmission network of gas pipelines

 LNG imports have increased significantly; this provides an opportunity to boost production capacity
Midstream segment
 In light of mounting LNG production, huge opportunity lies for LNG terminal operation, engineering,
procurement and construction services

 India is already a refining hub with 21 refineries and expansions planned for tapping foreign investment in
export-oriented infrastructure, including product pipelines and export terminals
Downstream segment
 Development of City Gas Distribution (CGD) networks, which are similar to Delhi and Mumbai’s CGDs

 Expansion of the country’s petroleum product distribution network

41 Oil and Gas For updated information, please visit www.ibef.org

 SHALE GAS PROSPECTS OF INDIA

 India has technically recoverable shale gas resources of nearly 96 tcf.

 The Cambay, Krishna Godavari, Cauvery and the Damodar Valley are the most prospective sedimentary basins for carrying out shale gas
activities in the country

 Around 20 tcf of gas has been classified as technically recoverable reserves in the Cambay basin in Gujarat (the largest basin in the country)
spread across 20,000 gross square miles with a prospective area of 1,940 square miles

 It is estimated that the Krishna Godavari (KG) basin encloses a series of organically rich shales, containing around 27 tcf of technically
recoverable gas. KG basin, located in Eastern India, holds the country’s largest shale gas reserves, extending over 7,800 gross square miles with
a prospective area of around 4,340 square miles

 In April 2013, the Directorate General of Hydrocarbons (DGH) submitted its policy on exploitation of shale gas to the Ministry of Petroleum and
Natural Gas

 India launched its policy on shale gas exploration to tap the non-conventional energy resource in order to boost output

Notes: tcf – Trillion Cubic Feet

Source: EandY; Ministry of Petroleum and Natural Gas, Aranca Research

42 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

SUCCESS STORIES
 IOCL: FLAGSHIP OF INDIAN REFINING

 Indian Oil Group of Companies owns and operates 10 of India’s 22 refineries with a capacity of 1.614 mbpd

 In September 2017, its network of crude oil and product pipelines runs to about 12,804 Km

 Subsidiary CPCL accounts for 49 per cent of market share in petroleum products

 In FY17, the gross refining margin (GRM) was estimated to be US$ 7.77 per bbl as compared to US$ 5.06 per bbl in FY15

 In May 2017, Indian Oil Corporation revealed its fourth quarter profit for the fiscal 2016-17. The profits surged 85 per cent to reach US$553.47
million.

FY 16 FY 17

 Second-largest player in
Turnover US$ 61.04 billion US$ 65.3 billion
India’s petrochemical
market

 Has interests in 13
domestic and 11 overseas EBITDA US$ 2.7 billion US$ 3.5 billion
blocks

 Foraying into alternative

sources of energy like wind
Net profit US$ 2.7 billion US$ 1.7 billion
and solar

Notes: bbl - barrel

Source: Company reports, Aranca Research

44 Oil and Gas For updated information, please visit www.ibef.org

 RELIANCE INDUSTRIES: WELL POSITIONED FOR
GROWTH

 Reliance Industries has the biggest petrochemical refining complex in the world

 It contributes 14 per cent to India's exports and is going to invest around US$ 30 billion to improve its businesses in the next 3 years

 For FY17, Reliance Industries recorded profit of US$ 48.46 billion.

FY 16 FY 17

 Exports surged by 4.5 per Turnover US$ 45.23 billion US$ 47.39 billion
cent to US$ 46 billion in
2016

 Record crude throughput at

EBITDA US$ 7.9 billion US$ 6.34 billion
69.6 million tonnes

 US shale: Shale Gas

Production in FY16 205
Bcf. Net profit US$ 4.2 billion US$ 4.64 billion

Notes: (1) Revenue fallen due to negative translation effect, Data from April – June 2016
Source: Company reports, Aranca Research

45 Oil and Gas For updated information, please visit www.ibef.org

 Oil and Gas

USEFUL
INFORMATION
 CONTACT INFORMATION

Name Address Contact person Telephone E-mail

Oil Industry Mr Ajay Srivastava, Financial

3rd Floor, Tower C, Plot No. 2, Sector 0120-2594630
Development Board Adviser and Chief Accounts facao.oidb@nic.in
– 73, Noida, Uttar Pradesh - 201301 0120-2594603
(OIDB) Officer

Petroleum Conservation
Sanrakshan Bhavan, 10 Bhikaji Cama 91-11- 26198799
Research Association Mr Alok Tripathi, ED pcra@pcra.org
Place, New Delhi – 110066 Ext.301
(PCRA)

Ministry of Power, 4th floor, SEWA

Bureau of Energy Mr Abhay Bakre, Director 91-11- 26178316,
Bhawan, RK Puram, dg-bee@nic.in,
Efficiency (BEE) General 91-11- 26179699
New Delhi – 110066

Ministry of Petroleum & Natural Gas,

Oil Industry Safety 8th Floor, OIDB Bhawan, Plot No 2, Mr Varanasi Janardhana Rao,
0120-2593800 rao.vj@gov.in
Directorate Sector-73, Noida, Uttar Pradesh- ED
201301

Ministry of Petroleum and Natural

Mr Vinod Kumar, Deputy
Petroleum Planning and Gas, 2nd floor, Core-8, SCOPE
Director – Information 011-24306153 webadm@ppac.gov.in
Analysis Cell (PPAC) Complex, 7 Institutional Area, Lodhi
Technology
Road, New Delhi – 110003

Ministry of Petroleum and Natural

Directorate General of Mr Atanu Chakraborty,
Gas, OIDB Bhawan, Plot No 2, Sector 0120 - 2472001 dg@dghindia.org
Hydrocarbons Director General
73, Noida

47 Oil and Gas For updated information, please visit www.ibef.org

 GLOSSARY

 B/D (or bpd): Barrels Per Day

 MBPD (or mbpd): Million Barrels Per Day

 BCM (or bcm): Billion Cubic Metres

 CBM: Coal Bed Methane

 CGD: City Gas Distribution

 EandP: Exploration and Production

 FDI: Foreign Direct Investment

 FY: Indian Financial Year (April to March)

• FY17 implies April 2016 to March 2017

 GoI: Government of India

 INR: Indian Rupee

 LNG: Liquefied Natural Gas

 MMT (or mmt): Million Metric Tonne

 MMTPA (or mmtpa): Million Metric Tonnes Per Annum

 EBITDA: Earning Before Interest Taxes Depreciation Amortisation

 NRL: Numaligarh Refinery Limited

 CPCL: Chennai Petroleum Corporation Limited

 HPCL: Hindustan Petroleum Corporation Limited

 BPCL: Bharat Petroleum Corporation Limited

48 Oil and Gas For updated information, please visit www.ibef.org

 GLOSSARY

 IOC: Indian Oil Corporation Ltd

 EOL: Essar Oil Ltd

 RPL: Reliance Petroleum Limited

 MRPL: Mangalore Refinery and Petrochemicals Limited

 PCCK: Petronet Cochin-Coimbatore-Karur

 PMHB: Petronet Mangalore-Hassan-Bangalore

 NELP: New Exploration Licensing Policy

 TOE (or toe): Tonnes of Oil Equivalent

 US$ : US Dollar

 ONGC: Oil and Natural Gas Corporation of India

 IOCL: Indian Oil Corporation Limited

 mn bbl: Million Barrels

 CAGR: Compound Annual Growth Rate

 JV: Joint Venture

 UCG: Underground Coal Gasification

 NGL: Natural Gas Liquids

 OMCs: Oil Marketing Companies

 NHGP: National Gas Hydrate Programme

 Wherever applicable, numbers have been rounded off to the nearest whole number

49 Oil and Gas For updated information, please visit www.ibef.org

 EXCHANGE RATES

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year INR Equivalent of one US$ Year INR Equivalent of one US$

2004–05 44.81 2005 43.98

2005–06 44.14 2006 45.18
2006–07 45.14
2007 41.34
2007–08 40.27
2008 43.62
2008–09 46.14
2009 48.42
2009–10 47.42
2010 45.72
2010–11 45.62

2011–12 46.88 2011 46.85

2012–13 54.31 2012 53.46

2013–14 60.28 2013 58.44

2014-15 61.06 2014 61.03
2015-16 65.46
2015 64.15
2016-17 67.09
2016 67.21
Q1 2017-18 64.46
H1 2017 65.73
Q2 2017-18 64.29

Source: Reserve bank of India, Average for the year

50 Oil and Gas For updated information, please visit www.ibef.org

 DISCLAIMER

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation
with IBEF.

All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced,
wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or
incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval
of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the
information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a
substitute for professional advice.

Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do
they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation.

Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any
reliance placed or guidance taken from any portion of this presentation.

51 Oil and Gas For updated information, please visit www.ibef.org