Das Offshore Petroleum, India, formed a partnership with Majestic General Trading Co., Abu Dhabi, to set up a $25 million joint venture focused on oil and gas field services. The agreement was signed on Nov. 26.
Das Offshore, the new joint venture, is expected to clock revenues of $100 million in the first year of operation, said Das Offshore general manager Bhagwan Guawy.
Abu Dhabi was well positioned to attract large investments in the oil and gas sector, with 25% growth expected in the offshore drilling activities during the next five years, he added.
"This brings a 56% increase in capital expenditure on oil drilling to $16.6 billion by 2014. The world's oil demand is also forecast to see an increase of 2.0 million barrels per day every year, pushing prices up and consequently, the expenditure on exploration," he emphasized.
Das Offshore will provide offshore and onshore oilfield services, including cleaning, drilling, pipelaying, maintenance and rig engineering.