India Oilfield Services (OFS) Market to Cross US $ 7.8 Billion in 2020 Concludes TechSci Research

Burnaby, British Columbia,, Canada, October 08, 2015 --(PR.com)-- According to recently released TechSci Research report,“India Oilfield Services Market Forecast & Opportunities, 2020,” the market for oilfield services (OFS) in India is forecast to cross US $ 7.8 billion in 2020. Growth in the market is anticipated on account of increasing oil & gas exploration and production activities in the country, aimed at reducing India’s dependence on oil imports. Oilfield services help smoother the drilling process by eliminating the waste produced during drilling, and enhance the oil recovery process by providing repair and maintenance of bore wells.

Oilfield drilling services accounted for the largest share in India oilfield services market in 2014, followed by drilling & completion fluids services, wire line services, etc. Gujarat, Rajasthan and Assam hold the maximum share in oilfield services market in India, as major oil &gas exploration and production activities are concentrated in these states. With various Public Sector Undertakings (PSUs) planning to invest in E&P activities, the country’s oilfield services market is set to witness growth during 2015 - 2020.

“Under a new revenue sharing model, the Government of India has decided to auction 69 idle oil &gas fields of state-owned ONGC and Oil India, to private companies. This move is anticipated to boost exploration and production of oil &gas in these fields, which is in turn expected to fuel growth in the market for oilfield services in India, during 2015 – 2020,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.