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India Oil & Gas Rigs Market, By Location (Offshore and Onshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible and Others), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse- Circulating Drilling, Electro Drilling, and Directional Drilling), By Region, Competition, Forecast & Opportunities, 2028
Market Report I 2022-11-01 I 73 Pages I TechSci Research
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.
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.
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).
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID 19 on India Oil and Gas Rigs Market
5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Considered for Choosing Oil and Gas Vendor
5.3. Major Challenges Related to Oil and Gas Rigs
6. India Oil and Gas Rigs Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Location (Offshore & Onshore)
6.2.2. By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, and Others)
6.2.3. By Drilling Method (Cable drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling)
6.2.4. By Region (North India, South India, West India, East India)
6.3. Product Market Map
7. West India Oil and Gas Rigs Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Location (Offshore & Onshore)
7.2.2. By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, and Others)
7.2.3. By Drilling Method (Cable drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling)
8. South India Oil and Gas Rigs Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Location (Offshore & Onshore)
8.2.2. By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, and Others)
8.2.3. By Drilling Method (Cable drilling, Rotary drilling, Dual wall reverse - Circulating Drilling, Electro Drilling, Directional Drilling)
9. East India Oil and Gas Rigs Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Location (Offshore & Onshore)
9.2.2. By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, and Others)
9.2.3. By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling)
10. North India Oil and Gas Rigs Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Location (Offshore & Onshore)
10.2.2. By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, and Others)
10.2.3. By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling)
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends and Developments
13. Policy & Regulatory Landscape
14. Competitive Landscape
14.1. Bharat Heavy Electricals Limited
14.2. Megha Engineering & Infrastructures Limited
14.3. John Energy Limited
14.4. Dynamic Drilling and Services
14.5. Jindal Drilling & Services Limited
14.6. Askara Group
14.7. Mercator Limited
14.8. Aban Offshore
14.9. Greatship (India) Limited
14.10. Greka Drilling
15. Strategic Recommendations
16. About Us Disclaimer
Note: The data given for any year represents the market during the period, i.e., 1st April of the previous year to 31st March of that year. eg: For 2022E, the data represents the period, 1st April 2021 to 31st March 2022.
Figure 1: India Oil and Gas Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 2: India Oil and Gas Rigs Market Share, By Location, By Value, 2018-2028F
Figure 3: India Oil and Gas Rigs Market Share, By Type, By Value, 2018-2028F
Figure 4: India Oil and Gas Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 5: India Oil and Gas Rigs Market Share, By Region, By Value, 2022
Figure 6: India Oil and Gas Rigs Market Map, By Location, Market Size (USD Million) & Growth Rate (%)
Figure 7: India Oil and Gas Rigs Market Map, By Type, Market Size (USD Million) & Growth Rate (%)
Figure 8: India Oil and Gas Rigs Market Map, By Drilling Method, Market Size (USD Million) & Growth Rate (%)
Figure 9: India Oil and Gas Rigs Market Map, By Region, Market Size (USD Million) & Growth Rate (%)
Figure 10: West India Oil and Gas Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 11: West India Oil and Gas Rigs Market Share, By Location, By Value, 2018-2028F
Figure 12: West India Oil and Gas Rigs Market Share, By Type, By Value, 2018-2028F
Figure 13: West India Oil and Gas Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 14: South India Oil and Gas Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 15: South India Oil and Gas Rigs Market Share, By Location, By Value, 2018-2028F
Figure 16: South India Oil and Gas Rigs Market Share, By Type, By Value, 2018-2028F
Figure 17: South India Oil and Gas Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 18: East India Oil and Gas Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 19: East India Oil and Gas Rigs Market Share, By Location, By Value, 2018-2028F
Figure 20: East India Oil and Gas Rigs Market Share, By Type, By Value, 2018-2028F
Figure 21: East India Oil and Gas Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 22: North India Oil and Gas Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 23: North India Oil and Gas Rigs Market Share, By Location, By Value, 2018-2028F
Figure 24: North India Oil and Gas Rigs Market Share, By Type, By Value, 2018-2028F
Figure 25: North India Oil and Gas Rigs Market Share, By Drilling Method, By Value, 2018-2028F
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