$25m oil and gas fields services JV set up

India's Das Offshore Petroleum has entered into a partnership with the Abu Dhabi-based Majestic General Trading Company to set up a $25 million joint venture focused on oil and gas fields services under the name 'Das Offshore'.

Following the signing ceremony held here today, the new company's General Manager Bhagwan Guawy predicted revenues of US$ 100 million in the first year of operation, saying that by 2014, the Middle East is expected to witness $110 billion liquefied gas projects.

"Around 3,300 oil wells are forecast to be discovered by 2014 in the Middle East which sits on 61 per cent of the world's oil reserves and 41 per cent of natural gas reserves," he added.

Guawy noted that Abu Dhabi was well positioned to attract large investments in the oil and gas sector with a 25 per cent growth expected in the offshore drilling activities during the next five years.

"This brings a 56 per cent increase in capital expenditure on oil drilling to $16.6bn by the year 2014. The world's oil demand is also forecast to see a 2 million barrel per day increase every year, pushing prices to go up and consequently, the expenditure on exploration."

According to Guawy, Das Offshore will provide all kinds of offshore and onshore oilfield services, including, cleaning, drilling, pipe-laying, maintenance and rig engineering.

Das Offshore is planning to enter bids invited by the leading oil companies in Abdu Dhabi, including Adnoc, Adma, Zadco, Takreer and Technip.

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