Public Sector Undertakings in India's Oil & Gas Sector Face Challenges and Opportunities
Keywords: Annual General Body Meeting (AGM), Crude Oil, LPG, Oil & Gas, Pipe-lines, PSU, Refinery.
Macroeconomic swings and domestic turbulence continue to buffet India's oil & gas sector. Fluctuations in international crude oil prices lead to a rise in prices for many essential commodities, igniting inflation. Rupee volatility, infrastructural bottlenecks, policy and procedural delays are some of the domestic constraints impeding the growth of this sector. As India's oil and gas sector contributes over 15 percent to the gross domestic product (GDP), it is in the interest of all stakeholders — policy makers, investors, solution providers, and industry captains — to provide an infrastructural framework and environment that is amenable to growth.
India's oil and gas industry includes both Public Sector Undertakings (PSUs) and private companies. The PSU giants in this sector are Oil and Natural Gas Corporation (ONGC) and its subsidiaries, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), and Oil India (OIL). PSUs come under the Ministry of Petroleum and Natural Gas (MOPNG), which regulates the entire value chain, including exploration and production (E&P), refining, supply, and marketing. Under the MOPNG, the Directorate General of Hydrocarbons regulates the upstream side of the oil sector, as well as coalbed methane (CBM) projects. Another division, the Petroleum and Natural Gas Regulatory Board (PNGRB) acts as a down-stream regulator for petroleum product sales and distribution.
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