Reliance Endures Indian Reversal

摘要

India pioneered free market prices when it launched its New Exploration Licensing Policy (Nelp) in 1997.Just over a decade later - and just as such blocks are about to swing into production - the government has changed the rules.The short-term price impact to consumers may be beneficial,but non-market pricing may do little to improve longer-term supply availability.In the year to March 2008,annual supply of 35 billion cubic meters (3.4 billion cubic feet per day) was barely half of the government's estimate for underlying gas demand.