India’s oil and gas sector saw some unprecedented decisions taken last year under the Congress Party-led government.
These ranged from a partial deregulation of diesel prices to a new gas pricing mechanism that would have seen the wellhead price of gas double to over $8/MMBtu. However, the hike — which was ratified twice by the Cabinet — was never implemented as scheduled on April 1 due to India’s upcoming elections.
The Congress-led government last year also started revamping and streamlining upstream policy to incentivise exploration and production.
All in all, 2013 was a busy year for journalists as we struggled to keep pace with and understand all that was going on in India’s energy sector.