A huge captive demand for energy, excellent policy initiatives like the New Exploration Licensing Policy (NELP) by the Government of India, some world class discoveries in the Krishna-Godavari (KG) basin, Rajasthan, etc. and globalization of the Indian corporate sector, have all provided a fillip to the Indian Oil & Gas sector. NELP VI, awarded in March 2007, is expected to bring in investment of USD 8-10 billion. NELP VII is expected to offer 70-80 blocks (compared to 55 in NELP VI) and hence similar, if not additional, investment is expected.
With 26 sedimentary basins in an area of 3.14 million square kms. and prognosticated reserves of 28 billion tonnes of oil equivalent of gas, India is relatively unexplored with only 18% of area extensively explored (Source: DGH).
While these are some clear indicators of the growth potential for this sector, the latest PwC-Petrofed report also projects a huge shortage of skilled manpower and professionals in the Indian Oil & Gas industry, which will hit about 30,000 by the year 2012. Remuneration packages in the Oil & Gas industry are also set to rise. Employment opportunities are vast and exist in the following types of organisations:
- Private & Public Sector Oil Companies
- Foreign Oil Companies
- Technical Service Providers
- Tertiary Sector (Insurance, Information Technology, Banking, Business Advisory & Consulting)
- Associated Industries – Petrochemical, Paints & Dyes
- Overseas (Middle East, South East Asia, China, Russia, CIS Countries)
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