Naperville, IL -- (SBWIRE) -- 08/21/2013 -- Reportstack, provider of premium market research reports announces the addition of India Oil and Gas Report Q4 2013 market report to its offering
The end of Q2 2013 marked a turn in India's gas market. With the government approving the
gas pricing formula proposed by the Rangajaran Committee, we now expect higher production and
exploration activities in the country. Reliance Industries already announced new investments to ramp-up
production from its KG-D6 field by 2020. Increases in gas prices will also curb consumption, reducing
future risks of energy shortages that we have highlighted previously. This positive development for the
upstream sector may not be fully supported, however, as it threatens to impair the power and agricultural
sectors. India's unconventional potential remains large as the EIA reviewed upward its shale gas estimate
to 2.7trillion cubic metres.
The main trends and developments we highlight for the Indian oil and gas sector are:
? The Rangajaran Committee's recommendation to raise gas prices from US$4.2 to US$8.4 per mnBTU
was approved by India's Prime Minister late June 2013. This will apply retroactively to production
sharing contracts (PSCs) that are already signed from April 1 2014, incentivising companies to increase
gas production. It is particularly relevant to RIL which failed to maintain production at the KG-D6 block
as geological complications increased the breakeven price of output.
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