MAHARASHTRA SEAMLESS : Sitting on 2,200 cr cash on books

 

  • MAHARASHTRA SEAMLESS : Sitting on 2,200 cr cash on books

  • In India, there is a sustained demand from ONGC & Oil India. 
  • Market sources indicate that around 500 new onshore and offshore wells are drilled every year. 
  • Taking a conservative estimate of seamless pipes requirement of 200 mt per well, estimate fresh requirement of 100,000 mt per year. 
  • This is in addition to the regular requirement generated from development and work over wells. 
  • Offshore jack up rigs operating in India have increased to 34 in 2024 v/s 27 in 2022 indicating increased capital expenditure in oil & gas sector.
  • Large tenders for ERW pipes have been floated by BPCL, GAIL, Indraprastha Gas and Assam Gas for oil and gas applications. More tenders are expected for Gurdaspur to Srinagar pipeline, Tinsukia to Doom Dooma pipeline and City Gas Distribution projects in 10th & 11th rounds in majority of states.

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