Press Release

India Oilfield Services (OFS) Market to Cross US $ 7.8 billion in 2020

 Government’s new revenue sharing model and increasing oil & gas E&P activities to boost India oilfield services market through 2020

According to recently released TechSci Research report, “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.

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.

“Under a new revenue sharing model, the Government of India has decided to auction 69 idle oil & gas fields of state-owned ONGC and Oil India, to private companies. This move is anticipated to boost exploration and production of oil & gas in these fields, which is in turn expected to fuel growth in the market for oilfield services in India, during 2015 – 2020.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

India Oilfield Services Market Forecast and Opportunities, 2020” has evaluated the future growth potential of oilfield services (OFS) market in India, and provides statistics and information on market size, structure, and industry behavior. The report includes market projections and demand forecasting. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes essential drivers, challenges and opportunities in India oilfield services (OFS) market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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