UK Subsea Firms Explore Businesses Opportunities in India

June 1, 2017

UK subsea companies showcased their technology and expertise to senior officials from India’s largest oil and gas exploration and production company, Oil and Natural Gas Corporation (ONGC), last week on a trade mission to South Asia.

Organised by industry body Subsea UK, in partnership with the Department for International Trade (DIT), the five-day mission saw representatives from Expro Group, Flexlife, GE Oil and Gas, SMD, Sonardyne and Tata Steel participate in a series of workshops to demonstrate their deep-water exploration and production capabilities.

Following the announcement that ONGC will make a $10 billion investment into exploration and production in the east coast region of India, with $5 billion for the 98/2 fields in the KG Basin, already committed, UK companies were being asked to suggest ways they could help unlock India’s deep-water potential.

The workshops took place in New Delhi, Kakinada and Mumbai from 22-26 May. Each company also got the opportunity to engage with ONGC’s technical leaders and India’s most influential energy players.

The mission included a technical session with India’s second largest company, Reliance Industries, a conglomerate holding company which owns businesses engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications. Attendees also gained detailed market insights as they look to exploit export opportunities in deep-water blocks off India.

Neil Gordon, chief executive of Subsea UK, said: “With UK subsea exports valued at almost £5 billion, we want to see an increase of British firms targeting international expansion to sustain long term growth.

“UK companies have a long history of successfully developing deep-water energy projects worldwide. By exporting that knowledge, experience and proven deep-water technologies, we can unlock new resources and increase the sector’s international capabilities and reputation.

“Joined by a select group of some of the UK’s most innovative companies, we hope the mission will deliver thought provoking discussions with senior officials from ONGC and Reliance Industries and ultimately lead to future business.”