With fast growing economy and increasing oil demand, the oil field services market in India is anticipated to witness a potential growth in the future

India: The oil demand in India grew by 300,000 barrels a day in 2015, which is double the average rate in 2005. Apart from that, the growth in Chinese market have reduced from 500,000 barrels a day to 300,000 barrels a day in the decade to 2013 as the government is shifting away from heavy industries. These have led to the increased focus of foreign investors on Indian market as India has emerged as the fastest growing nation among the major countries.

TechSci Research depicts that the increase in demand for oil and gas in India will lead to increase in upstream activity in the oil and gas sector. The increase in upstream activity will require development of new oil fields and implementation of improved techniques such as enhanced oil recovery in mature oil fields. The increased activity in the upstream sector will push the market for oil field services business in India which is a necessity for on field operations.

According to released report of TechSci Research “India Oilfield Services Market Forecast and Opportunities, 2020”, the oil field services market in India is projected to surpass USD7.8 billion, on account of anticipated increase in oil and gas E&P activities. The structural and policy changes will support the upstream activity that would provide a big thrust to the players in the industry. As an auxiliary business to oil exploration and production, the demand for oilfield services will expand in order to cater to the needs of onsite activities.