Oil and Natural Gas Corporation (ONGC) has set a new record of offshore rig movement in India

India: The Indian oil company, ONGC has set a new record of offshore rig movement in 2016. The company had executed 33 Mobile Offshore Drilling Units (MODU) during the timeframe of March to May, 2016. Out of these 33 rig moves, 31 rig moves were executed on the west coast of India while remaining were executed on east coast of India. The strategical pre-monsoon rig movement was carried out with the help of Aqualis Offshore, which is a specialized marine and offshore transportation consultancy.

TechSci Research depicts the ongoing exploration of hydrocarbons will have a major impact on domestic production. The step taken by ONGC to mobilize their offshore rigs would provide a positive ray of hope in the Indian oilfield services market, as this would increase the operational activities and boost domestic production in the near future. 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. This would further lead to increased investment by private sector in India’s oil & 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 USD7.8 billion by 2020, on account of anticipated increase in oil and gas E&P activities. Government’s decision of auctioning 69 idle oil and gas fields of state-owned ONGC and Oil India to private companies on new revenue sharing model 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.