 "Representative image")
Oil price fluctuations have failed to affect the exploration and production (E&P) projects in India, both onshore and offshore. Drop in project costs by about 30 per cent is the main factor lending support to oil companies as well as contractors — making projects viable even when crude oil prices are low.
"The trend of awarding E&P service and material contracts of the state-run companies to private firms continues. The government is encouraging such providers to invest in India through the local content policy. The domestic private players, too, have started to look at the much larger business for private sub-contractors
