Oil price fluctuations have failed to have any impact on exploration & production (E&P) projects in India, both onshore and offshore. Drop in project costs by about 30 per cent is the main factor lending support to oil companies as well as contractors, making projects viable even when crude oil prices are low.
“If one takes a closer look, the trend of awarding E&P service and material contracts of the state-run companies to private companies continues.
The government is encouraging such providers to invest and Make in India through the local content policy. Read More