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.