India’s E&P sector has a long history, but one that has been challenged on many fronts. However, new policy changes bring the promise of more openness and progression to a market based economy. With India looking to reduce its growing dependence on oil imports, increasing domestic production is a top government priority. To spur growth in domestic production and attract new entrants, the government has initiated new policies: the Hydrocarbon Exploratory Licensing Policy (HELP) and Discovered Small Fields (DSF). These policies signal the most significant transition in the E&P sector in India, from one of government control to that of government support. In a new report, we break down their key tenets and highlight the challenges and imperatives for the Indian E&P sector.