Cairn India is Planning to Invest USD0.50 Billion in Ravva Field of KG Basin

Investment in Ravva Field of Krishna-Godavari Basin will surge the market for subsea umbilical, risers and flowlines in India

India: In Ravva Field of Krishna-Godavari Basin, USD0.50 Billion is set to be invested by Cairn India Limited and its partners. A total of 20 development wells are expected to be drilled in the field. Declining production from existing well is the main reason of investment in this field. For drilling of the new 20 development wells, 6 new and 14 existing platforms will be utilized. As per Cairn India Limited’s analysis, the Ravva Fields produced 18602 Barrels of Oil Equipment per Day (BOEPD) in 2016-17 as compared to 23845 BOEPD in the previous year.

TechSci Research depicts that such contracts in oil & gas offshore domain in India will increase the demand for subsea umbilical, risers and flowlines in the country. The projects in the country will be beneficial to the global oil & gas offshore market and will serve as a driver for work force increement. This will lead to an increased requirement of subsea umbilical, risers and flowlines in the country.

According to released report of TechSci Research, “Global Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market, By Component, By Application, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for oil & gas SURF is projected to grow at a CAGR of over 12% during 2016-2021. Flowlines dominated global oil & gas SURF market, on account of rising production from offshore fields, which require flowlines to be installed to bring the produced oil and gas from the seabed to the surface processing facility.