India oil and gas rigs
market was valued at USD5,665.34 million in 2022 and is anticipated to project
robust growth in the forecast period with a CAGR of 4.29%, owing to a rapidly
increasing investment in the untapped hydrocarbon reserves in the country. A
rig is a structure above an oil well on land or in the sea with special
equipment attached to it for drilling and removing oil from the ground. Rigs
can be segmented into land rigs, Jackup, drill ships, semi-submersibles, etc. The growth of
the Indian oil and gas market is anticipated to accelerate over the projected
period due to rising natural gas production and plans to enhance oil production
in the country.
Upcoming Projects and Rising
Consumption Demand of Oil and Gas Drive the Market Grow
The India offshore rig market
is one of the most active global markets, with about 100% utilization, high day
rates, and the possibility of more jack-up and floater contracts in the
upcoming year. Since an offshore one, including shallow and Deepwater blocks,
was completed in February, some robust acreage options are still available. The
nation's Oil & Natural Gas Commission (ONGC) has discovered 130 more
Deepwater projects, due to which the market is likely to grow with a high CAGR
in the forecast period.
India is now one of the world's
largest importers of petroleum and natural gas due to the country's rising oil
consumption. The government is focusing on raising domestic oil and gas
production to decrease the nation's dependence on imports of fossil fuels. For
instance, India's oil demand is projected to jump 8.2% to 5.15 million barrels
per day in 2022 as the Indian economy continues to rebound from the damage
caused by the pandemic. Due to this, 13 licenses have production-sharing
agreements signed by ONGC, including four in partnership with Oil India Limited
(OIL) and Indian Oil Corporation Limited and nine as the sole operator (IOC).
Since now the government is focusing on the natural gas and oil resource in
India, the market is further expected to grow.
A surge in natural gas
production and a lift for the expansion of the oil and gas upstream market are possible
alternatives to the significant potential for gas hydrates in the KG Basin. For
the market players, sustainable production can also present an opportunity.
Latest Developments in the
oil and gas sector
Companies in the private
sector that NELP-III has awarded licenses include Jubilant Enpro, Hardy
Exploration & Production, Reliance Energy, and Hardy Exploration &
Production. In next licensing rounds, more Deepwater areas might be made
accessible. Around India's southernmost point and east coast, the Directorate
General of Hydrocarbons (DGH) has delineated more than 130 deepwater plays due
to which market is expected to expand. For instance, in 2018, offshore
production made around 49.2% of the oil produced and 71.9% of the gas produced
in India. India has 26 sedimentary basins.
Nowadays, the IoT is used by
the oil and gas sector to enhance output, optimize machinery, guarantee worker
safety, and keep an eye on remote places. Real-time data collection is made
possible by sensors installed inside blowout preventers (BOP), choke valves,
and wells. O&G startups use this data to swiftly identify defective
equipment, assisting field engineers in foreseeing and responding to
situations. Adopting IoT sensors may help increase market size in 2018-2028.
The exploration and
production policies have been changed, leading to modest industry development.
Companies are concerned since changes might make the process easier. To attract
the elusive private and international funding to boost domestic output, the
government decided to redesign oil and gas exploration licenses and not charge
any share of profit on hydrocarbons generated from less explored regions in
2019.
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Market Segmentation
The India oil and gas rigs
market is segmented based on location, type, drilling method, region, and
company. Based on Location, the market is further fragmented into offshore
& Onshore. Also, segmentation of the market on grounds of the type is done into
land rigs, jackup, drill ships, semi-submersible and others. Based on drilling
method, the market is divided into cable drilling, rotary drilling, dual wall
reverse – circulating drilling, electro drilling and directional drilling. Based
on regional analysis the market is divided into North, South, East, and West.
Company Profiles
Bharat
Heavy Electricals Limited, Megha Engineering & Infrastructure Limited, John
Energy Limited, Dynamic Drilling & Services, Jindal Drilling& Services
Limited, Askara Group, Mercator Limited, Aban Offshore, Greatship (India)
Limited, Greka Drilling are among the major market players in the India oil and gas rigs
market.
Recent Developments
The Bay of Bengal offshore gas fields KG D-3 and KG D-6 was shut down by Reliance Industries in 2019. Reliance Industries anticipates starting a new gas field in 2020 and having it operational and producing 1 billion cubic feet of gas by 2022. In 2018, the offshore fields produced around 22,010 MMSCM of natural gas, down from 22,157 MMSCM in 2017, and about 18,145 TMT of oil, down about 1.35% from 18400 TMT. In 2018, the offshore fields produced about 22,010 MMSCM of natural gas, down from 22,157 MMSCM in 2017. Now, BP and Cairn Energy are two companies having deepwater licenses in addition to ONGC, with one block each at ocean depths between 5,000 and 7,000 feet.
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Attribute
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Details
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Market size value in 2022
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USD 5,665.34 Million
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Revenue Forecast in 2028
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USD 7,153.00 Million
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Growth Rate
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4.29%
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Base Year
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2022
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Historical Years
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue forecast, company share, competitive
landscape, growth factors, and trends
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Segments Covered
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·
Location
·
Type
·
Drilling Method
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Regional Scope
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North; South; East; West
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Key Companies Profiled
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Bharat Heavy Electricals Limited, Megha Engineering &
Infrastructure Limited, John Energy Limited, Dynamic Drilling & Services,
Jindal Drilling& Services Limited, Askara Group, Mercator Limited, Aban
Offshore, Greatship (India) Limited, Greka Drilling
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Customization Scope
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10% free report
customization with purchase. Addition or alteration to country, regional
& segment scope.
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Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can
also provide the editable version of the report in PPT/pdf format on special
request)
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Report Scope:
In this report, India Oil and Gas
Rigs market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
·
India Oil and Gas Rigs
Market, By Location:
o Onshore
o Offshore
·
India Oil and Gas Rigs
Market, By Type:
o Land Rigs
o
Jackup
o
Drill
Ships
o Semi-Submersible
o Others
·
India Oil and Gas Rigs
Market, By Drilling
Method:
o Rotary Drilling
o Dual Wall Reverse- Circulating Drilling
o Cable Drilling
o Electro Drilling
o Directional Drilling
·
India Oil and Gas Rigs
Market, By Region:
o West India
o South India
o East India
o North India
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India oil and gas rigs market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company's specific needs. The
following customization options are available for the report:
Company Information:
- Detailed analysis and profiling of additional market players (up to five).