Oil & Gas Cos. Project's Costs Up By 30% Due To Rigs Shortage ... - Webnewswire.com

--> Oil exploration and production companies are not only facing acute shortages of drilling rigs by over 60% but also suffering from a crunch of skilled personnel to an extent of 30% which has resulted into inordinate delays of their hydrocarbons discovery schedule, with projects cost exceeding about 30% in last 3-4 years.

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The aforesaid inferences are drawn in a Paper on `Indian Oil & Gas Sector : An Overview’, brought out by ASSOCHAM, further highlights that mismatch between demand of drilling rigs and their supplies on one hand and shortages of skilled personnel against their demand for oil and gas exploration if not addressed urgently, India’s crude import will go up by 20%. Currently, 70% of India’s petroleum, oil & lubricant (POL) requirements are met through imports which might go up to 90% by 2010, warns the Paper.

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