Dubai: India's Das Offshore Petroleum has entered into a partnership with Abu Dhabi-based Majestic General Trading Company to set up a USD 25-million joint venture focused on oil and gas fields services.
The deal was signed on Saturday.
The JV, Das Offshore, is expected to clock revenues of USD 100 million in the first year of operation, Das Offshore General Manager Bhagwan Guawy said, adding that the Middle East is expected to witness USD 110 billion worth of liquefied gas projects.
"Around 3,300 oil wells are forecast to be discovered by 2014 in the Middle East which sits on 61 percent of the world's oil reserves and 41 per cent of natural gas reserves," he was quoted as saying in a statement released on UAE's official news agency Wam.
Guawy said that Abu Dhabi was well positioned to attract large investments in the oil and gas sector, with 25 per cent growth expected in the offshore drilling activities during the next five years.
"This brings a 56 percent increase in capital expenditure on oil drilling to USD 16.6 billion by the year 2014. The world's oil demand is also forecast to see a 2 million barrel per day increase every year, pushing prices to go up and consequently, the expenditure on exploration," he said.
Guawy added that Das Offshore will provide all kinds of offshore and onshore oilfield services, including cleaning, drilling, pipe-laying, maintenance and rig engineering.
Das Offshore plans to enter bids invited by the leading oil companies in Abdu Dhabi, including ADNOC, ADMA, ZADCO, Takreer and Technip, the statement said.