ONGC gets approval for oil exploration project in Gujrat which includes 22 exploratory wells
India: The state owned Oil
Company, ONGC received an approval for drilling 22 exploratory wells under the NELP-9
blocks located at Banaskantha, Gandhinagar and Ahmedabad districts of Gujarat.
The estimated cost of the ONGC drilling project is valued at INR350 crores and
each well is to be drilled up to a depth of 3,000 metres.
TechSci Research depicts that the growth in the
exploration and production activities pertaining to oil & gas sector would
drive the market for oilfield services in India. Oilfield services include cementing,
direction drilling, hydro fracturing services, drilling services, etc. which is
expected to expand from the increase in oil field operations. The execution of
oil exploration projects will require on site services in order to support the
activities associated with the projects.
According to released
report of TechSci Research “India
Oilfield Services Market Forecast & Opportunities, 2020”,
the
oilfield services market will
surpass USD7.8 billion by the end of 2020, on account of increase oil and gas E
& P activities. The increase in oil production would be beneficial for
India owing to the fact that it would reduce the huge dependency on oil
imports. The reduction in oil imports would lead to huge amount of capital
savings as import of oil are costlier than production thereby, propagating the
growth in the oilfield services market across the nation.