Reliance Industries Ltd. (RIL) gets approval for off-shore oil exploration in Tamil Nadu
India: The Green Panel gave its
approval to Reliance Industries Ltd. (RIL) to carry out eight exploration
drilling of oil wells at CY-III-D5 block in
Tamil Nadu. The exploration was approved under New Exploration Licensing
Poilcy-3. The panel also suggested that exploration activities should be done
without impacting marine flora and fauna and disposal of heavy metals should be
done with due precautions. Reliance Industries Ltd. has 5 major blocks which
are located in Godavari, Mahanadi, Cauveri, Cambay, Gujarat Saurashtra basins. The company is in the process of acquiring
more blocks for its ongoing Exploration & Production (E&P) activities.
TechSci Research depicts the ongoing
exploration of hydrocarbons will have a major impact on domestic production.
India meets 80% of its crude oil demand through imports leading to huge import
bills. The domestic increase in production will help reduce the budget deficit.
It will also lead to increased investment by private sector in India’s oil and
gas exploration industry. The ongoing Exploration & Production (E&P)
activities will give a major boost to India Oil Field Services market.
According
to a released report of TechSci
Research, “India Oilfield Services Market Forecast & Opportunities, 2020”, the country’s oilfield services market is projected to
surpass US$ 7.8 billion by 2020, on account of anticipated increase in oil and
gas E&P activities. Onshore oilfield services segment holds majority share
in India’s oilfield services market; however, the offshore oilfield services is
forecast to exhibit higher growth during 2015- 2020.