IRRESPECTIVE OF TURMOIL IN CRUDE PRICES, NOCs LIKELY TO INVEST USD20 BL IN E&P BETWEEN 2015-2017: PHDCCI & E&Y

IRRESPECTIVE OF TURMOIL IN CRUDE PRICES, NOCs LIKELY TO INVEST USD20 BL IN E&P BETWEEN 2015-2017: PHDCCI & E&Y

IRRESPECTIVE OF TURMOIL IN CRUDE PRICES, NOCs LIKELY TO INVEST USD20 BL IN E&P BETWEEN 2015-2017: PHDCCI & E&Y

 

No.PR-14
April 24, 2015
New Delhi
 

IRRESPECTIVE OF TURMOIL IN CRUDE PRICES, NOCs LIKELY TO INVEST USD20 BL IN E&P BETWEEN 2015-2017: PHDCCI & E&Y
 

REFINING CAPACITIES LIKELY TO BE EXPANDED AT 245 MMTPA BY 2018
 

PHD Chamber of Commerce and Industry and E&Y on Friday predicted that Indian National Oil Companies (NOCs) are likely to spend about USD 20 billion in developing Oil Field Services (OFS) between 2015-2017 on exploration and production even though the current oil sector is in turmoil on account of falling crude oil prices world over.
 

In a presentation made here today at an Interactive Session with visiting Delegation from Houston, USA under aegis of PHD Chamber which was jointly presided over by Mayor, City of Houston Ms. Annise D Parker and Sr. Vice President, PHD Chamber Mr. Mahesh Gupta.  It was also pointed out that the refining capacity of national oil companies would more than double to 245 MMTPA from current level of 223 MMTPA by 2018.
 

The presentation highlighted that even though the oil market in general is in shamble on account of instability in the crude oil prices but it won’t be a stumbling block for India to accelerate investments in the field of exploration and production in which joint venture partners from overseas land would be more than willing to make up ties to satisfy India’s zeal for increasing its oil acreages in its bid to acquire energy self sufficiency.
 

The two organizations are of the view that in the present scenario oil field services companies would be looking forward to expand service capabilities which would be realized through strategic joint venture opportunities between the right stakeholders both onshore and offshore.
 

According to PHD Chamber, drivers for this partnership would be technology and capital.
 

On the refining front, it is felt that presently 22 refineries with total capacity of 223 MMTPA are expected to increase to 245 MMTPA in next three years as India has been witnessing massive expansion of its refining sector which is being driven by a singular factor of excessive demand of various petroleum products.  Majority of PSU capex is towards upgradation and expansion of existing refineries and adding new modern refining capacity.
 

Among those who were present during the interactive session comprised Chief Economic Development Officer, Greater Houston Partnership Mr. Bob Pertierra; Founding Secretary & Executive Director of Indo-American Chamber of Commerce of Greater Houston Mr. Jagdip Ahluwalia; Co-Chairmen of Hydrocarbons Committee and Housing and Urban Development Committee, PHD Chamber Mr. Dilip Khanna and Mr. Manish Agarwal and Secretary General of the Chamber Mr. Saurabh Sanyal.
 

ENDS.

Koteshwar Prasad Dobhal
Consultant (PR)