Companies which are not into Oil & Gas activities are showing interest in Oil & Gas fields

India: According to Director General for Hydrocarbons (DGH), many non-energy oil & gas firms are interested in acquiring oil & gas fields and trying to provide a promising start to country’s private explorer. As per Atanu Chakraborty (DGH), around 102 firms had looked the data and out of these dozens of firms has paid up to access detailed data of oil & gas field.

TechSci Research depicts that this auction would provide companies low-risk entry into the high-risk business of oil & gas exploration and production in India which would surge the demand of Oil Field Services Market in India. 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 hold 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 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 US $ 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.