New Delhi: Software services major Wipro, which recently hived off its non-IT business into a separate entity, is betting big on the energy vertical as more companies turn to technology-centric methods for exploration and production of natural resources.
Recent studies suggest that oil and gas industry is expected to grow at about 2 percent annually for the next 20 years, Wipro Infotech Vice President and Head Client Relationship Group Anurag Mehrotra said.
With increasing difficulty in accessing resources, domain focused technology centric and economical solutions will be in demand, he said.
"This provides a great opportunity for service providers like us having both the domain expertise as well experience of being at the sweet spot where technology meets business. And we are prepared to tap into this opportunity," Mehrotra added.
The Energy, Natural Resources and Utilities business contributed 15.1 percent of Wipro's IT services business revenue for the quarter ending September 30, 2012.
"Globally, we are seeing renewed efforts in exploration and production (E&P), both in finding new oilfields as well as extracting more from existing oilfields," Mehrotra said.
A part of Wipro's IT business, Wipro Infotech manufactures computer hardware and provides IT services for India and the Middle East region.
The Oil and gas segment is a large segment of this vertical. Wipro serves two of the world's five oil super majors and has strategic engagements for six of the top 10 oil and gas companies.
The Oil and gas business at Wipro provides high end business consulting coupled with IT services and capabilities - managing IT to solve business problems aligned to strategies of clients.
"The strategic business unit grew 8.4 percent sequentially and is among the fastest growing businesses at Wipro," he said.