The rapid growth of the Indian oil and gas sector offers significant opportunities for the global industry. India is one of Asia’s key locations for the oil and gas industry. With double digit demand growth for oil set to outpace China for the third year in a row and a recent licensing round encouraging new players, India is attracting significant foreign investment in its effort to unlock almost US$11 billion worth of reserves and lower its reliance on imported crudes.
Last year the Indian government announced plans to invest US$20 billion in deepwater natural gas developments in the next few years, targeting over 20 TcF of reserves. This creates huge prospective for industry players to explore opportunities in the market.
Sandvik, a major developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials believes that the rapid growth of the Indian oil and gas sector offers significant opportunities for the global industry.
“India is a key focus for us this year as we see enormous potential for growth due to the extent of its untapped oil and gas reserves and strong support from the government. Advanced technologies will serve as a key lever to facilitate the exploration and production of oil and gas located in some of India’s difficult-to-access areas,” said Benno Wagner, Regional Sales and Marketing Manager Oil & Gas, Asia Pacific, Sandvik during a media briefing session held in Mumbai. He also stresses on the current oil and gas landscape, including industry challenges and opportunities, expertise in metallurgy as well as the outlook for this region. In addition, he also briefed about Sandvik’s oil and gas portfolio and its activities in the Indian market.