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Half of the spending will go toward E&P activities as the country aims to increase domestic oil and gas production.
The Indian federal government intends to change the definition of petroleum in guidelines to include this resource.
The country seeks to attract US$40 billion investment in its E&P sector over next five years.
Several major E&P projects have come online in Malaysia and Indonesia in recent times, including Sapura Energy’s SK 310 B15 gas field and Eni’s Jangkrik Complex development.
The state-owned explorer faces challenges to produce gas from its UD-1 discovery in the Bay of Bengal.
The state-run company has increased its gas production by 10% in the last three years, but that is expected to rise.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending; however, ONGC continued to spend to help achieve India’s targeted reduction on imports.
Diverse players provide a wide range of services.
Malikai TLP is an important project for TechnipFMC and its partners, showcasing our capabilities in delivering complex deepwater projects in the Asia Pacific region.
Institute continues to expand its offshore R&D capabilities.
The country aims to increase domestic oil and gas exploration, development and production, while reducing its reliance on imports, to meet growing demand.
R&D efforts improve efficiency and construction execution.