Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "India Oilfield Services Market By Application (Onshore, Offshore), By Type (Equipment Rental and Field Operation), By Services, By Region, Competition Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
India Oilfield Services Market is anticipated to grow at 12.70% in the forecast period, 2023-2028 and reach USD1133.46 million by 2028, owing to a rise in deep-water projects, new oilfield discoveries and high foreign investment by oil companies.
The oil, gas, and mining exploration and production industries are the main users of the high quality down-hole tools and drill stem components that OSS (Oilfield Services) makes and supports.
Increasing oil & gas investments
Over the next ten years, India intends to nearly quadruple its oil refining capacity to 450 MT in order to fulfil the growing domestic fuel demand as well as the export market. India has 23 refineries as of April 2022, with a total capacity of about 251.2 MMTPA, 19 of which are public, three private, and one joint venture. Refinery capacity utilization for 2020-21 is 88.8%.
Indian Oil Corporation (IOC) is the largest refiner in the nation with an 80.6 MMTPA capacity. Almost 70% of total Indian refining output will be supplied by the top three firms, IOC, Bharat Petroleum Corporation (BPCL), and Reliance Industries (RIL), starting in FY 2020-21.
The CAGR for refining capacity from 2011-12 to 2020-21 is 3.2%. India has seen a consistent rise in the production and use of petroleum products throughout the years. Petroleum products were produced in 2021-2022, totaling 254.3 MMT.
Rise in Deep-Water Projects to Present Robust Opportunities
Growing number of deep-water and ultra-deepwater drilling projects will offer this industry lucrative opportunities throughout the course of the forecast period.
There have been more initiatives as a result of the stabilization of crude oil prices, which has increased the profit margin for drilling and production companies. Despite the fact that oil and gas prices have plateaued and decreased by 50% in the most recent years, deepwater development expenditure growth has been outpacing it for the past three to four years.
Capital expenditures (CAPEX) for many deepwater projects routinely reach USD5 billion, classifying them as so-called "mega projects." Even major operators and contractors with sophisticated project management processes and capabilities find it difficult to generate workable financial results in these circumstances.
Increasing production & exploration activities in the oil & gas industry
Oil and gas production, which requires expensive equipment and highly specialized people, is one of the capital-intensive industries. Plans are established for drilling once a business finds the oil or gas's location. Several oil and gas corporations get into contracts with specialist drilling firms and pay for the crew's labor as well as the rig's daily rates.
The drilling depth, rock hardness, weather, and distance from the site can all affect how long the process takes. Data tracking using smart technology can help with drilling efficiency and well performance by providing real-time information and trends. Although all drilling rigs contain the same basic components, the drilling methods vary depending on the type of oil or gas and the geology of the area.
The oil and gas industry's production and exploration operations are growing, which means that the equipment is being utilized more and requiring maintenance due to wear and tear.
The Government Initiatives
In order to boost demand and revive the economy in all areas, from supply to manufacturing, the Indian government has launched a number of measures over the years.
To address the need for hydrocarbon energy and make energy more available, sustainable, and effective, the government is regulating a number of laws, reforms, and programs. For instance, the government of India is implementing initiatives under the Make in India program to help local equipment manufacturers with certain measures like attractive long-term funding and interest subvention to compete against the foreign vendors by setting up manufacturing clusters under the development of the oil industry.
Also, the Ministry of Petroleum and Natural Gas has established a goal of 50% domestic content for investments in the upstream sector and is anticipated to change the standards for public sector enterprises' procurement criteria. So, it is anticipated that an increase in government initiatives will fuel the India Oilfield Services Market in the years to come.
Company Profiles
- Schlumberger India Technology Centre Private Limited
- Asian Energy Services Limited
- HSL Asia Limited
- Alphageo (India) Limited
- Halliburton India Operations Pvt. Ltd.
- OGD Services Limited
- Petrofac Engineering Services India Private Limited
- Baker Hughes Oilfield Services India Private Limited
- Oil States Industries (India) Private Limited
- Fluor Daniel India Private Limited
Key Topics Covered:
1. Service Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Service Definition
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Partial List of Companies Interviewed
2.4. Partial List of Secondary Sources
3. Executive Summary
4. Impact of COVID-19 on India Oilfield Services Market
5. Voice of Customer
5.1. Brand Recall
5.2. Factors Considered for Selecting Service Providers
5.3. Current Need Gaps
6. India Energy Outlook
6.1. India Production of Crude Oil, Natural Gas Products & Petroleum Products
6.2. India Refinery Capacity & Refinery Crude Throughput
6.3. India Consumption of Petroleum Products & Natural Gas
6.4. India Import of Crude Oil & Gas
6.5. India Imports & Exports of Petroleum Products and Gas
6.6. India FDI Inflows under Petroleum & Gas Sector
7. Oil Fields in India
7.1. Oil and Natural Gas Corporation Limited
7.2. Oil India Limited
7.3. PSC +RSC/CBM
8. India Rig Count Outlook
9. India Oilfield Services Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Application (Onshore and Offshore)
9.2.2. By Type (Equipment Rental and Field Operation)
9.2.3. By Services (Drilling Services, Pressure Pumping Services, Wireline Services, Cementing Services, Mud Engineering and Drilling Waste Management Services)
9.2.4. By Region (West India, South India, East India and North India)
9.2.5. By Company (2022)
9.3. Market Map (By Application, By Type, By Services, By Region)
10. West India Oilfield Services Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Application
10.2.2. By Type
10.2.3. By Services
11. South India Oilfield Services Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Application
11.2.2. By Type
11.2.3. By Services
12. East India Oilfield Services Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.2. Market Share & Forecast
12.2.1. By Application
12.2.2. By Type
12.2.3. By Services
13. North India Oilfield Services Market Outlook
13.1. Market Size & Forecast
13.1.1. By Value
13.2. Market Share & Forecast
13.2.1. By Application
13.2.2. By Type
13.2.3. By Services
14. Market Dynamics
14.1. Drivers
14.2. Challenges
15. Market Trends and Developments
16. Policy and Regulatory Landscape
17. Porter's Five Force Analysis
18. India Economic Profile
For more information about this report visit https://www.researchandmarkets.com/r/codao9
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