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Asian Oilfield Services commissions newly acquired Vibroseis for Rajasthan project

Monday, 13 Jul 2020
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The Asian Oilfield Services has commissioned newly acquired Vibroseis for Rajasthan project and has achieved the first project milestone as per schedule i.e. completion of mobilisation. The project operations and revenue generation have started and it will contribute going forward from Q2/FY21. 
 
The operations in Q1/FY21 have been impacted to some extent due to COVID-19 related lockdown in various states in India. However, the company’s operation in offshore Nigeria project was not impacted much. 
 
The operations in Cambay, Gujarat, restarted in June after lockdown restrictions were lifted and the company has successfully completed first phase of the project while ensuring strict compliance with the guidelines related to COVID prevention and spread. The next phase of operation will resume after monsoon break.
 
Despite COVID-related lockdown and subdued oil prices, the company is witnessing a robust growth in demand of seismic services in the oil and gas sector. The demand in other sectors such as coal and mineral has also picked up.
 
Apart from this, the board has approved diversification proposal to extend the services to the coal sector also and accordingly the company will be participating in tenders for seismic data acquisition in the coal sector too. 
 
The company is seeing potential opportunity and business size of Rs 1,000 crore of seismic and drilling work in the coal sector in India and Rs 3,000 crore opportunity related to infrastructure in the same sector.

 

 
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