Industry News

Reliance Industries Limited along with its partners has initiated the bidding process for development of deep sea oil and gas fields in India

India: In a major development in Oil and Gas sector, Reliance Industries Limited (RIL) on the behalf of a consortium which includes British petroleum and Niko has invited expression of interest from contractors for engineering, design and a turnkey contract for the development of Oil and Gas fields in the country. After completion of quotation process from the vendors, a new field development plan is submitted to the regulator for approval. The move by RIL is also considered as an indication of withdrawal of arbitration of the company against the Indian government which will ensure RIL to charge market price for natural gas.

TechSci Research finds out that in India, Gujarat, Rajasthan and Assam account for maximum demand for oilfield services due to large scale oil and gas exploration and production activities being undertaken in these states. The government has taken certain steps to enhance the oil and gas production in the country which includes auctioning of idle oil and gas fields.


According to released report of TechSci Research “India Oilfield Services Market Forecast & Opportunities, 2020”, the oil field services market is projected to surpass US$ 7.8 billion by 2020, on account of anticipated increase in oil and gas E&P activities. The expansion in oil and gas production will require on site services in order to ensure production oil and gas. The oil and gas exploration begins with initiation of field services activity at the site and the step taken by RIL is a big boost for field services business in the country.

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