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.