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News Brief | August 2016

PM´s oil quest offers lifeline to service firms

The government´s ambition to cut fuel imports has driven fresh investment of Rs.1.8 trillion, offering a lifeline to global oilfield service providers starved of new contracts. Spending plans are ratcheting up and stalled projects restarting after the government in March announced pricing freedom for natural gas from deep sea fields that begin production this year, with Oil and Natural Gas Corp. (ONGC) launching its biggest development campaign yet, and Reliance Industries Ltd preparing to restart work at four offshore oil and gas blocks. This flurry of activity is providing some respite to service companies including Schlumberger Ltd, Technip SA and Halliburton Co. that were stung last year by more than $100 billion in slashed spending by explorers, as oil collapsed.
Contact: Ministry of Petroleum and Natural Gas
Website: www.petroleum.nic.in
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