Industry News

Cairn India plans to Invest USD150 Million in E&P Activities in Andhra Pradesh

The development of project would surge the oilfield service market in the country

India: Cairn India plans to undertake exploratory and appraisal drilling activities of ten hydrocarbon wells at Palar Block in Andhra Pradesh with an investment USD150 million in a bid to explore hydrocarbon reserves in the region. The Expert Appraisal Committee (EAC) which is an undertaking of Ministry of Forest, Environment Climate Change gave its approval for the exploration activities in the region. The company plans to drill 3 hydrocarbon wells under the first phase by 2017 and plans to expand its exploration activities gradually. The exploration of hydrocarbons in the country boost the petroleum and natural gas based products and services business such as oilfield services.

TechSci Research finds out that the exploration of hydrocarbons in the Palar basin would boost the production of hydrocarbons, thereby creating the demand for oilfield services in the country. India is largely dependent upon imports of crude oil and natural gas in order to meets its energy requirements. The plans to boost the domestic production of oil and natural gas would result in increased demand for services that stimulates the hydrocarbon drilling activities in the region. This will give a major boost to the India oilfield service market.

According to 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. 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. 

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