Professional Documents
Culture Documents
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
INSIGHTSSimplifyingUPSCIASExamPreparation
insightsonindia.com
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
INDIASENERGYSECURITY:OILANDGASSECTOR
ByINSIGHTS
Indiasenergysecurityisacriticalissueanditseconomyandevenforeignrelationsaresubstantiallyaffectedby
itsdependenceuponimportedcrudeoil.Oilrequirementinfuturewillbesignificantlyhigher,becauseofgrowth
ineconomyandinturngrowingconsumptionofhouseholdsandindustry.Itisalsoprerequisiteforsuccessof
recentinitiativessuchasMakeinIndia.Indiasoilreservesareinsufficientforitsgrowingenergyneedsand
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
1/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
situationismadeworsebypolicyparalysiswhichincreasesthegestationperiodoftheprojects.New
ExplorationLicensingPolicywasadoptedinyear1997andsincethenIndiasexplorationandrefining
capacitieshaveincreasedmanifold.Offlateitsisbeingrealizedthat,weneedtodiversifyourenergybasket
throughalternatefuelssuchasCoalBedMethane,Hydrogen,ShaleGasoreffectiveEthanolblendedfueletc.,
toensureenergysecurity.Atthesametimegrowingimpetusisbeinggiveninimprovementofinfrastructure
whichshallresultinefficientextraction,minimizationoftransportationanddistributionlosses,costsandtimeby
buildingpipelinenetworks,storagefacilitiesetc.Despiteofsignificantexpectedincreaseinnonconventional
energy,oildemandwillonlygrowinfuture.
Oil&gasindustryisdividedinUpstream,MidstreamandDownstreamsector,basedonthevaluechainwhich
startsfromcrudeoilandendsatproductssuchasPetroleum,Highspeeddiesel,LPG,Polypropylene,
SyntheticRubberreachingthecustomers.Actuallythisiscommoninalmosteveryindustrythatrawmaterialis
extracted,processed,transportedandconvertedintofinishedconsumableitem.Buthugeinvestmentsand
technicalityateverystage,particularlyinthissector,makesthesedistinctionsdesirable.Thereareveryfew
companiesintheworldwhichtakeupallthreesectorssimultaneously.
UpstreamSector
Itinvolvesoilexploration,prospectionandextraction/productionfromoilwells.Thereareabout40000oilwell
acrosstheworld.Itisquitecommonthatoilisfound,butitisnotcommerciallyexploitablei.e.costsofextraction
aresignificantlyhigherthanrealizablevalueofoil.Thismakesthisbusinessquiteriskyandonlyfewcompanies
operateinthisarea.SomeoftheleadercompaniesareChevron,ExonMobil,Shell.InIndiaONGC,OilIndia
ltd,RelianceIndustriesandCairnEnergyareinvolvedinexploration.
NewExplorationLicensingPolicy,1997
Thisaimedtofacilitateexplorationsectorbyprovidinglevelplayingfieldtoprivateplayersagainstpublic
enterprises.Thiswasresultofdismalperformanceofstateenterprisesinthepast.Inlast15years,sedimentary
basinareaunderexplorationincreasedfrom11%toaround58%andnumberofcompaniesoperatinginthis
fieldisnearly70.
UnderthispolicyoilblocksareallottedandProductionSharingContractsaresignedwithoilexplorersthrough
competitivebidding.Sofartherehavebeen9roundsofauctionsand254oilblocksawardedandoutofthese
166areactive,restwererelinquished(becauseofunviability).NELPXauctionsareduethisyear.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
2/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
ProductionSharingContractsSinceoilisnationalresourcerevenuesistobesharedwithgovernment.
Hence,itisamethodtosharerevenue,whereexplorerisallowedtorecoveritsinvestmentbeforesharing
revenuewithgovernment.
SedimentaryBasinsThesearetheregionsofearthwhicharesubsidedfromlongandarelaterfilledby
sediments.Thisresultsingradualthinningofcrustbysedimentary,tectonicorvolcanicloading.Thesebasins
arerichinOrganicmaterial(detritus)orfossils,whichovertimeunderpressuregetsconvertedinfuel.Generally
speaking,oilandgasareformedfromtheorganicremainsofmarineorganismswhichbecomeentrainedwithin
seafloorsediments.Coal,bycontrast,istypicallyformedinnonmarinesettingsfromtheremainsofland
vegetation.
Indiahasabout3.1millionsq.Km.ofsedimentaryarea,whichcomprisesof26basinsandoutofthese18
basinsarepresentlyunderexploration.Ofthis57%areaisindeepwaterandremaining43%areaisinonland
andshallowoffshore.
Mostreservesareinwesternbasin,inGujratandRajasthan.AssamArkanbasinisalsoimportantreserveand
holds23%reservesand12%production.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
3/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
4/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
OpenAcreageLicensingPolicy(OALP)
TherearedemandstoreplaceNELPwithOALPunderwhichoilblockswillbeavailablethroughoutforsale.It
allowsampletimeforexplorertostudythefieldsandbidforblockofhischoice.ItissaidthatNationalData
RepositoryisprerequisiteforfunctioningofOALP.Itscontracthasbeenawardedrecently.Itwillbea
hydrocarbondatacenterwhichfacilitateprospectionofresources.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
5/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
RevenueSharingContractsasanalternativetoProductionSharingContracts(PSC)
Underrevenuesharingmodel,governmentgetsshareinrevenuefromtheexplorationfromverybeginning.In
contrastPSC,allowsgovernmenttohaverevenueshareonlywhencostsarerecoveredbyexplorer.
Thereisdemandfromcivilsocietyandwithingovernment,toshifttorevenuesharingmodel,thisisbecause
1. Itisfeltthatexplorersaretryingtoinflateinvestmentbyclassifyingrevenueexpenditureascapital
expenditure.PSCallowscompanytorecoverinvestments,butroutineexpendituresuchasmaintenance,
Salariesofstaff,materialetc.Oughttobedeductedfromcurrentincome.Thiswillresultinlowercurrent
income(whichissupposedtobesharedwithgovernment).Onotherhand,ifclassifiedascapital
expenditure,totalcostswhichcompanyisallowedtorecoveralone(underPSC)willbemore.Thisway
governmentwillloserevenue.
SayexpenditureinquestionisRs.100000
Ifclassifiedascapitalexpenditurecompanywillbeentitledtorecoverthisalone
Otherwise(classifiedasrevenue),itwillreduceprofitbyRs.100000,andifgovernmentsshareis20%,
companyineffectwillbebenefitedonlybyRs.80000
2. ItdelaysrevenuetothegovernmentSincecapitaloutlaysarehuge,itmaytakedecadestorecoverthe
costs.
Kelkarcommitteehaverecommendedthat
DeepseaoffshoreBlocksProductionSharingContractsshouldbeadopted
OnshoreandShallowblocksRevenueSharingModel
NaturalGasItisbyproductofcrudeoilandisconsideredascleanfuel.Indiaimports25%ofitsnaturalgas
requirement,mainlyfromQatar.Indiahassignificantnaturalgasreservesinoffshoreblock.Thisgasis
replacingcoalforproductionofPower,fertilizersandsteel.
ItisoriginallyingaseousformandisstoredinliquefiedformsinLNGtankersatultracooltemperature.
Transportationbyshipsisalsodonebyusingthesetanks,butbypipelinesitistransportedingaseousand
compressedform.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
6/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
RecentlyRelianceLtdstoppedNaturalGasproductionfromKrishnaGodavaribasinblockclaimingunviabilityof
operations.InordertomakethissectorlucrativeforinvestorsRangarajanCommitteewasappointedwhich
suggestedlinkinggaspricetopriceofimportedgasandgaspricesprevailinginexchangesofUSA,UKand
Japan(weightedaverage)soastobringitatparitywithinternationalprices.Thiswouldresultinincreaseof
pricefrom$4.2mmbtuto$8.4mmbtu,thisformulaewasapprovedbyUPAGovernment,butwasnot
implemented.
Governmentnowraisedpricesto$5.61mmbtu,whichwillbeapplicablefrom1November.But,Reliancewill
continuetogetoldpriceunlesstheymakegoodshortfallinproductionbecauseofsuspendedoperation.Prices
willberevisedevery6months.
ThisincreaseisexpectedtoresultinhikeofpricesofFertilizers,Powerandsteelsignificantly.
OPECOrganizationofPetroleumExportingCountries
Formedin1960by5countriesIran,Iraq,Kuwait,SaudiArabiaandVenezuela,andletterjoinedbyQatar,
Indonesia,UAE,Libya,Algeria,Nigeria,GabonandAngola.These12memberformsasuppliercartelforgroup
bargainingwithinternationalOilCompanies.Theytendtocontrolproductionandsupplyofcrudetokeepit
belowinternationaldemand.Fromlong,fuelpricesarespiralingupwardsduetothisgrouping.
ItisonlyrecentlythatCrudeoilspriceshavecrashed,itisdownabout25%fromhistoricalhigh,whetheritis
shorttermphenomenaandpriceswillbouncebackwhenInternationalEconomypicksup,remainstobeseen.
However,presentscenarioindicatesOPECissettoloseitshegemonyoverpricingsoonduetoandatsame
timesupplywillexceeddemanddueto
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
7/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
1. Growingshifttocleanenergyworldwide.
2. ShalegasrevolutioninUSA,whichcanbeusedasportablefuelforvehicles.
3. Chinesemanufacturingindustryslowdown.
4. WorldwideeffortsforadoptionofEfficienttechnologyandgrowingethanolblending(Brazil25%and
Indiangovernmentpolicy10%)
5. Differencesamongmembercountries.Foreg.VenezuelawantedothermemberstoreducesupplyasOil
below$80/barreldoesntfulfillitsdomesticbudgetaryrequirements,butatsametimeIRANandSaudi
Arabiawerenotinterestedandtheyevenincreasedproduction.
China,USA,JapanandIndia(sequence)arebiggestimportersofcrudeoil,asmatterofstrategicinterestthey
shouldformabuyerscartel/Group,bythistheycanturnsellerdominatedoilmarketintobuyerdominatedone.
Thiswillimprovetheirtradebalanceconsiderably.
ONGCVideshLtd.(OVL)
ItissubsidiaryofONGC,taskedwithprospection,exploration,productionofoilinblocksacquiredoverseas.
Currentlyinvolvedin33projectsoutwhich13areinproduction.TheseareinRussia(Sakhalin),Vietnam,
Sudan,SouthSudan,Brazil,Venezuela,AzerbaijanandMyanmar.Itcontributesabout14.5%and8%inIndias
Oilproduction.
OVL,inrecentpastgotinvolvedinintensecompetitionwithcashrichChinesecounterpartsoveracquisitions,
whichalmostalwaysoutcompetedOVL.
Reasonswas
1. Chinesehavehugecurrentaccountsurplusandtheyareinforeignassetacquisitionspreefromquite
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
8/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
sometimeandenergysecurityistheironeofthecoreinterest.Incontrast,Indiaincurscurrentaccount
deficitandOVLismostofthetimecashstarved.
2. Further,ithasbetteraccesstoCentralAsianreserves.GeographicalbarrierstoIndiamakeit
exceptionallyexpensiveandunviableforIndia.
3. Lastly,inlastfewyearscrudeoilpriceswereathistoricalhigh.Thishighpriceusuallygetsreflectedin
pricedemandedordiscoveredinauctionprocess.Asthesearelongtermdecisions,withproduction
spreadovercomingdecades,futureturbulenceincrudepricesmattersalot.ForegifOVLacquireda
blockwhencrudeoilwas$120/barrel,itwillendupinvestingapprox.20%morethanthatat$100/barrel
rate.WecansaythatOVLacquiredwholeexpectedproductioninfutureatthatprice.Asnowprice$80/
barrelinwouldhaveincurredsubstantiallosses.Bythisanalogybuyingcrudefromopenmarketismuch
betteroptionwhencrudepricesareathistoricallyhighratherthaninvestinginnewoilblock.
Midstreamsector
Thissectorinvolvestransportationofoilandgasfromblockstorefineriesandfromrefineriestodistribution
centers.Italsoincludesstorageinfrastructure.Mostcosteffectivewayisthroughpipeline,incomparisonto
roadandrailwayswhichhighereconomicandenvironmentalcosts.
CurrentpipelineinfrastructureisskewedinfavorofNorthandWestIndia,whichaccountsfor60%ofgas
pipelinesand80%ofgasconsumptions.Toremedythis,centralgovernmenthasproposedtosetupNational
GasGridunderwhichadditional15000kmofpipelineswillbelaiddown.ThisisexpectedtocostRs75000
Crore.ItwillbeexecutedunderPPPmodelandwillbeeligibleforViabilityGapFunding.
Further,CityGasDistributionnetworkisthereonlyinfewcities.Inmostofcitiesgasistransferredthrough
bottlingplantsanddistributionagency.Thisresultinwastagebyleakagesandtheft,otherwisetoothiswhole
processisquiteexpensivetooperate.
ViabilityGapFundingInsomePPPprojectsinIndiaCentralandstategovernmentsundertaketoprovide
supportfundingtosuccessfulbidders.Bidsaremadeastorequirementforfundingfromgovernmentandone
whoserequirementforstatefundingisleastisawardedtheproject.
IndianOilCorporationandGasAuthorityofIndiaaretwoPSUsinvolvedinthissector.GAILhavelargest
networkofpipelines(15000km.)
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
9/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
Storage
Governmentisbuildingundergroundstoragecapacityof15millionmetrictonsforpetroleumandrelated
products.InfirstphaseconstructionisgoingoninVishakhapatnam,MangaloreandPadur.Storagefacilitiesare
essentialforsafeguardagainstshortagesorsupplydisruptions.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
10/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
Apartfromthis,InternationalGastransitpipelinesareimportantpartofIndiandiplomacy.CurrentlyIndia
importsgasthroughLNGterminalswhichgetimportedgasinliquefiedformintankersandthentheyregasifyit
byheatandcompression.ThisagainisexpensiveprocessandgasfromcentralAsiathiswaywillbeevenmore
expensive.ForthisthereisconstantnegotiationsgoingonforTurkmenistanAfghanistanPakistanIndia
(TAPI),IranPakistanIndiapipeline,MyanmarBangladeshIndia.IndianGovernmentjoinedtheTAPIproject
intheyear2012andrecentlysignedtheGasSalesandPurchaseagreementalongwithotherparticipating
countries.
ChinahasdominantaccesstocentralAsianreservesbecauseofbettergeographicalaccess.Recentlyanew
gaspipelineagreementwassignedbetweenRussiaandChina.RussianPresidentalsoinvitedIndiatojointhe
project.
InOctober,2014IndiaPakistanenteredinGassupplyagreementunderwhichIndiawillsupplyLNGto
PakistanandGAILwilllaypipelinefromJalandhartoWaghaborder(110km).
Downstreamsector
Thissectorinvolvesrefining,processingandmarketingofproductsandbyproductsofcrudeoil
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
11/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
Indiasrefiningsectorisquitefficient,governmentadoptedpolicytomakeIndiaarefininghubandcurrently,
Indiaisnetexporterofpetroleumproducts.Somespecialeconomiczoneswerenotifiedforthispurpose
(JamnagarisSEZ).Thereare22refineries,17PSUsowned,3privatelyownedand2areinjointventure.
RelianceLtd.ownstworefineriesinJamnagarwhicharerenownedworldwidefortheircapacitytorefinesour
andheavycrudeoil.RelianceLtd.islargestrefinerwithmarketshareof32%.Otherprivaterefineryisowned
byEssarOil.UnderjointventureoneisHPCLMittalEnergyltd.andotherisBharatOmanRefineriesLtd.(BPCL
+Omanoil)
Othermostoftherefineriesareownedby3OilMarketingCompanies(OMCs),theyallareamong20biggest
IndiancompaniesandFortune500orworldsbiggest500companiesintermsofCapital
IndianOilCorporationLtdItislargestcompanyinIndiabysalesandsecondlargestrefiner.(31%share)
BharatPetroleumCorporationLtd
HindustanPetroleumCorporationLtd
ThesecompaniesarealsoinvolvedinoilexplorationinIndiaandoverseas.
OMCsalsoactasmediumthroughwhichgovernmentprovidessubsidizedproductstocustomers,astheyhold
lastsellingpointinthevaluechain.Further,privaterefinersduetocontrolledpricesofdiesel(nowdecontrolled),
LPGandKerosenewereunabletocompetewithOMCs,couldntestablishthemselvesinRetailsector.Sothey
selltheirproductstoOMCs,whothensellproductsatsubsidizedprice.
OMCsfortheirunderrecoveriesarecompensatedbygovernmentbyissuingthemOilBonds.Bondsare
instrumentsbywhichgovernmentacknowledgestheirliabilityinfavorofOMCs.Butthisdoesntsolveproblem
asthesehavematurityperiodof5,7,10oreven20years.ThismeansOMCwillgetcashagainstthesebonds
onlyafterexpiryofmaturityperiod.AtsametimeOMCcanusethembypledging/depositingthemwithlender
andraiseloanorthese(bonds)maythemselvesbeusedasmoney,ifitisacceptabletobuyer.
Itworksinfollowingmanner
OCmakeslosssellingpetroleumproductsduetogovt.restrictionsonpricing.Thegovt.ofIndia
compensatesthislossbyissuingspecialoilbonds.
SayIOCshowsthesebondsasincomeonitsP&L10000crores,Thismeansthatwithoutpayingapennyfor
thesebonds,IOChasinvestedintheseGOIbonds(bywayofsellingproductscheaperby10000crore,and
thatdeficitmadegoodbygovernment)Ifyouthinkaboutit,therealinvestmentisthelossesIOCincurredto
obligetheGOI.
Now,ifIOCjustsitsonthesebonds,itwillgetacashflow(around7%8%)fromGOIbywayofinterest
paymentonthesebonds.Alsouponmaturity,theGOIwillhavetoredeemthesebondsfromIOCi.e.upon
maturitytheGOIhastocoughupcashcompensationforthelossesIOChasincurredinthisyear
Instead,whatIOCdoesis,itsellsthesebondsinthesecondarybondmarkettomutualfunds,insurance
companiesandothersuchfinancialinstitutions.
Thus,thebondsareconvertedintohardcash.ThisishowIOCgetshardcashtocompensateforitslosses
immediately.(Ofcourse,uponmaturitytheGOIhastostillpaycashtowhoeverholdsthesebondsatthattime).
(FurtherRBIhasallowedbankstokeepexposureagainstOilBondstotheextentof25%.Itmeansbankscan
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
12/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
lendtotheextentof25%oftheamountofOilBondsithold.ButoilbondsdoesnthaveSLRstatus,iftheyhad
thisstatus,thendemandfrombankswillmakethemreadilyliquid)
Nowthesesubsidieshavebeenmatterofmuchdebate.PetrolwasderegulatedfewyearsbackandHigh
SpeedDieselisderegulatedbygovernmentrecently.
CommitteewassetupunderKirithParekhtoadviceonPricingMethodologyforDiesel,DomesticLPGand
PDSKerosenewhichlastyearinitsreportrecommendedabolishsubsidyonDieselandincreasepriceof
diesel,Reducesubsidizedcylinderfrom9to6(butsoonitwasincreasedto12),subsidyonkerosenebegiven
bydirectcashtransfers.
Soongovtadoptedpolicyofincreasingdieselpriceby50paisamonthly.Sincethisispoliticalissuenew
governmentseizedopportunityprovidedbylowglobalcrudeoilprices.
ForthemomentitwilladdressInflationbutinlongrun,itremediesFiscaldeficitworries.Also,itwillresultin
comingbackPrivaterefinersinretailbusiness,henceincreasingcompetition.
Regulatoryenvironmentofsector
Sectorremainshighlyregulatedandlargelystatecontrolled.
PolicyFormulationPlanningCommission(Untilnow)andMinistryofFinance
RegulationMinistryofPetroleumandNaturalGas,Directorofhydrocarbons,PetroleumandNaturalGas
Regulatoryboard
DirectorGeneralofHydrocarbons(asperwebsite)
TheDirectorateGeneralofHydrocarbons(DGH)wasestablishedin1993undertheadministrativecontrolof
MinistryofPetroleum&NaturalGasthroughGovernmentofIndiaResolution.ObjectivesofDGHareto
promotesoundmanagementoftheoilandnaturalgasresourceshavingabalancedregardforenvironment,
safety,technologicalandeconomicaspectsofthepetroleumactivity.
DGHhasbeenentrustedwithseveralresponsibilitieslikeimplementationofNewExplorationLicensingPolicy
(NELP),mattersconcerningtheProductionSharingContractsfordiscoveredfieldsandexplorationblocks,
promotionofinvestmentinE&PSectorandmonitoringofE&Pactivitiesincludingreviewofreservoir
performanceofproducingfields.Inaddition,DGHisalsoengagedinopeningupofnewunexploredareasfor
futureexplorationanddevelopmentofnonconventionalhydrocarbonenergysourceslikeCoalBedMethane
(CBM)asalsofuturistichydrocarbonenergyresourceslikeGasHydratesandOilShale.
PetroleumandNaturalGasRegulatoryBoardThePetroleumandNaturalGasRegulatoryBoard(PNGRB)
wasestablishedin2007asthedownstreamsectorregulator,taskedwithregulatingtherefining,processing,
storage,transportation,distribution,marketingandsalesofpetroleumproductsandnaturalgas.Itdoesnot,
however,authorizerefineryinfrastructureconstruction,whichiscontrolledbyMPNG,andhasnoroleinmarket
pricing,orpricingpolicy.ThekeypracticalfunctionoftheBoardrelatesto
(a)Itsroleascourtofarbitrationindisputeswithinthedownstreamsectorand
(b)Itspowerstoreleasetendersfor,andgrantofauthorizationtolay,build,operateandexpandcitiesnatural
gasdistributionnetworks.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
13/14
1/17/2015
INDIASENERGYSECURITY:OILANDGASSECTORINSIGHTS
FDI100%FDIallowedinupstream,downstream,midstreamsectors
Ifyouhavereadthisarticlemakesureyouattemptsomequestions
1. WhataretheroadblockstoIndiasenergysecurityandwhatpolicies/actionsgovernmentadopted
toovercomethese?Howsuccessfulwerethoseefforts?(200words)
2. AnalyzeNewEconomicLicensePolicysshortcomingsandsuggestalternativesor
improvements.(200words)
3. WhatarethereasonsforrecentcrashinOilpricesandtellitsimplicationstoIndiaandhowIndia
cancapitalizeonthisopportunity.(200words)
INSIGHTS2015.AllRightsReserved.
http://www.insightsonindia.com/2014/10/23/indiasenergysecurityoilandgassector/
14/14