Government seeks bids for nearly four dozen small oil & gas fields
India: The government of India is
planning to auction nearly 46 small oil & gas fields, which are undeveloped
due to small size and high cost of development.
This auction would unlock energy resources worth USD40 billion. Out of
the 46 oil & gas fields, 26 are on land fields, 18 off-shore in shallow
water and 2 in deep water.
TechSci Research depicts that this auction
would increase the exploration & production activities in India which would
surge the demand for India Oil Field Services Market. Oilfield drilling
services accounted for the largest share in India oilfield services market in
2014, followed by drilling & completion fluids services, wireline services,
etc. Gujarat, Rajasthan and Assam holds the maximum share in oilfield services
market in India, as major oil & gas exploration and production activities
are concentrated in these states. With various Public Sector Undertakings
(PSUs) planning to invest in E&P activities, the country’s oilfield
services market is set to witness potential growth during 2015 – 2020.
According to released report of TechSci Research “India
Oilfield Services Market Forecast
and Opportunities, 2020”, the market for oilfield
services (OFS) in India is forecast to cross USD 7.8 billion in 2020. Growth in
the market is anticipated on account of increasing oil & gas exploration
and production activities in the country, aimed at reducing India’s dependence
on oil imports. Oilfield services help smoothen the drilling process by
eliminating the waste produced during drilling, and enhance the oil recovery
process by providing repair and maintenance of bore wells.