Fugro predicts oil and gas boom in business for India

Vol 11, PW 7 (09 Aug 07) Exploration & Production
     

Norwegian oil and gas service provider Fugro is sharpening its focus on the Indian upstream sector.

Encouraged by a growing stream of business opportunities from the last six NELP licensing rounds, Fugro is setting up a new company called Fugro Geoscience India Pvt Ltd to bring under one umbrella all the services now offered by the group’s three companies in India. New company Fugro Geoscience will begin functioning formally from September 1st from Mumbai’s satellite township Navi Mumbai (New Mumbai) with Hardeep Sidhu as its managing director.

Fugro tells us exploration support for oil and gas will constitute nearly 90% of the portfolio of this new company, while the minerals sector, another business segment, will make up the rest. “Business is growing here,â€‌ says Fugro.

“In India we felt the need to rationalise our services. This will make life easier for our clients.

â€‌ Fugro Geoscience will provide â€کasset management services (data encryption and archival)’, seismic processing, reservoir characterisation, marine and airborne seismic data acquisition as well as economic and geological evaluation services. In Mumbai Fugro’s asset management division employs around 50 people, while its seismic processing and reservoir characterisation divisions have 15 and 5 personnel working.

Personnel from overseas offices look after Fugro’s other services. By next year, Fugro hopes to have 100 staff working for its oil and gas business in India.

Setting up Fugro Geoscience is the latest in Fugro’s ambitions for India. Last year it opened a seismic processing centre in Navi Mumbai and in March this year won its first contract: reprocessing 16,000-km onland and 25,000-km marine 2D from ONGC.

“This is one of the largest single contracts of its type,â€‌ says Fugro. “The steady growth of new exploration activity in India is outstripping work elsewhere.

â€‌ Every year, in the four years to 2006, says Fugro, India accounted for a third of the marine seismic shot the world over. “Big, high-tech 3D seismic vessels have come to India,â€‌ says Fugro.

“There’s huge potential waiting to be tapped here.â€‌