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GAIL India has started drilling second exploratory well in Anand district of Gujarat

India:  The state gas utility GAIL India have started drilling a second exploratory well in Gujarat oil and gas block. The well was spud in Nabhoi village in Anand district of Gujarat on May 27. GAIL had spud the first well on the NELP-IX Block CB-ONN-2010/11 in Cambay Basin on March 27. GAIL is the major player of the block with 25% stake, followed by Bharat Petro Resources Ltd, Engineers India (EIL), Monnet Ispat Energy (MIEL) and Bharat Forge Infrastructure. The consortium will drill eight exploratory wells in the initial exploration phase as per minimum work commitment of Production Sharing Contract (PSC).

TechSci Research depicts that Government’s decision of auctioning idle offshore and on shore oil and gas fields is expected to boost oil and gas E&P over the next five years, which in turn would fuel growth in the country’s oilfield services market through 2020. 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.

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 USD7.8 billion by 2020, on account of anticipated increase in oil and gas E&P activities. Comprising of three vital type of services i.e. cementing, direction drilling, hydro fracturing services, drilling services segment accounts for the largest share in the oilfield services market, followed by drilling & completion fluids services, wire line services, pressure pumping services and coiled tubing services.  

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