India has become world’s third largest energy consumer globally. Most of the demand is being fulfilled by oil and gas industry which is expected to attract heavy investment worth 25 billion USD by 2022. To fulfil the increasing demand, government of India has adopted several policies such as allowing 100 per cent Foreign Direct Investment in many segments of the sector, including natural gas, petroleum products, and refineries, among others.
In addition to governmental push, there are several factors that are driving the growth of this market. Some of them are the increasing natural gas pipeline capacity, increasing refining capacity, and increasing demand for petroleum products. At the same time, a huge dependence over imports of crude oil and natural gas for satisfying domestic demand and high volatility of crude oil prices is expected to restraint the growth of the Indian oil and gas market.
For an industry that was already facing market headwinds even before the pandemic started, the pandemic exacerbated the scenario, where what might have taken years to happen has instead unfolded in a matter of months. Pivoting to the new energy future could be tough and may require companies to make bold choices and not everyone is likely to succeed.
The growing demand and supply gap would require increasing emphasis to be given to the exploration and production sector. It can be achieved only if the players in the market ecosystem work in consonance with the equipment manufacturers and consultants.
After studying this industry segment in-depth, we have come up with the list of Top Oil and Gas Equipment Manufacturers and Consultants who have excelled in this field with their innovative approach. Having proven their dedication to quality and delivery in order to meet the customer expectations in an end-to-end manner, these companies have stood out from the crowd.
We look forward to receiving your feedback and suggestions.
