Abu Dhabi, Indian firms plans oil and gas field services JV

30 November 2011: Abu Dhabi-based Majestic General Trading Company has entered into a partnership with India's Das Offshore Petroleum to set up a $25 million (approx Rs 130 crore ) JV focused on oil and gas fields services. The JV, called 'Das Offshore,' is expected to generate revenues of $100m (approx Rs 520 crore ) in the first year of operation adding by 2014, the Middle East is expected to witness $110bn liquefied gas projects. Around 3,300 oil wells are forecast to be discovered by 2014 in the Middle East which sits on 61 per cent of the world's oil reserves and 41per cent of natural gas reserves.

Source: Ameinfo