PetroFed organised its third seminar in knowledge partnership with member company, PFC Energy, USA, who have been advising energy companies and governments across the globe for over two decades.  The half-day seminar on ‘The Offshore Service Sector: Growth and Challenges’ on October 31, 2008 at New Delhi focused on the offshore service sector and provided valuable insights into the challenges faced by companies and the potential in offshore service industry and drilling segment.

Inaugurating the seminar, Shri A. K. Hazarika, Director (Onshore), ONGC and a member of the PetroFed Governing Council listed three key challenges in the sector for the future, namely mining of oil & gas at deep sea locations, decommissioning and dismantling of old and dilapidated facilities, and decommissioning of offshore deep wells.

He called for a global mindset for providing local solutions and companies to have long term relationships with their service providers in all fields for a win-win situation.  More than three hundred billion barrels of oil remains to be discovered in offshore, he said.

Welcoming participants earlier Mr. A. K. Arora, Director General, PetroFed called for re-evaluation of business models of not only oil companies but also those in the oilfield service sector in view of the oil price volatility and world-wide financial turmoil.

The issue of ‘oil prices and financial crises’ was tackled by Ms. Susan Farrell, Senior Director, PFC Energy, Washington DC in her keynote address.  She later also addressed the subjects of ‘What Lies Ahead: Delays and Consolidation’ and ‘Drilling and Helicopter Segments: Changing Markets’.  The subjects of ‘New Growth Areas’ and the ‘Growth Opportunities in India’ were addressed by Ms. Gauri Jauhar, Senior Consultant, PFC Energy, Kuala Lumpur.

Click here to view inaugural address and presentation summaries: (right click and ‘Save Target As’)