Cairn India is Planning to Invest USD0.50 Billion in Ravva Field of KG Basin
Investment in Ravva
Field of Krishna-Godavari Basin will surge the market for subsea umbilical,
risers and flowlines in India
India: In Ravva Field of Krishna-Godavari Basin, USD0.50 Billion is set to be invested by Cairn India Limited and
its partners. A total of 20 development wells are expected to be drilled in the
field. Declining production from existing well is the main reason of investment
in this field. For drilling of the new 20 development wells, 6 new and 14
existing platforms will be utilized. As per Cairn India Limited’s analysis, the
Ravva Fields produced 18602 Barrels of Oil Equipment per Day (BOEPD) in 2016-17
as compared to 23845 BOEPD in the previous year.
TechSci
Research depicts that such contracts in oil & gas offshore domain in India will
increase the demand for subsea umbilical, risers and flowlines in the country. The
projects in the country will be beneficial to the global oil & gas offshore
market and will serve as a driver for work force increement. This will lead to
an increased requirement of subsea umbilical, risers and flowlines in the
country.
According to released report of TechSci Research, “Global Oil & Gas Subsea Umbilicals, Risers and
Flowlines (SURF) Market, By Component, By Application, By Region, Competition Forecast and
Opportunities, 2011-2021”, the global market for oil
& gas SURF is projected to grow at a CAGR of over 12% during 2016-2021.
Flowlines dominated global oil & gas SURF market, on account of rising
production from offshore fields, which require flowlines to be installed to
bring the produced oil and gas from the seabed to the surface processing
facility.