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.