Opportunities for exploration and production (E&P) companies and oilfield services companies in India will be the focus for a seminar in Aberdeen next week, organised by professional services firm KPMG.
A KPMG India tax partner, Nabin Ballodia, who can provide an unrivalled insight into the current market opportunities and challenges in the country, will host the session on Wednesday morning.
India depends on imports to meet between 70% and 80% of its crude oil requirement. The Indian Government’s increased focus on achieving energy security has led to acquisitions of stressed oil and gas assets abroad and enhanced spending on E&P activity by national oil and gas companies.
Outsourced service provider costs typically constitute more than 60% of the total E&P costs in India. The current dynamics and the geopolitical scenario in the oil and gas sector offer unique opportunities to oilfield service providers in India. In addition, the Indian Government is now intent on attracting foreign investment by making it easier to do business in India and fostering a more investor-friendly tax and regulatory environment.
Moray Barber, a KPMG partner in Aberdeen, said: “This event will be of interest to companies in the oil and gas sector considering doing business in India as well as to those already there.
“The session will be hosted by Nabin Ballodia, a KPMG tax partner in India, who will provide insights on the taxation of oil and gas operations and the regulatory landscape in the country. He will also cover recent tax developments and share his experiences on appropriate structures for investing and operating in India. The discussion will cover both oil and gas exploration companies and service providers.
“At a time when growth opportunities are significantly reduced within the UKCS, India represents a potential growth market for operators and service providers so we anticipate a lot of interest in the seminar,” added Mr Barber.
The Doing Business in India seminar runs from 8am to 10am on Wednesday 23 September at KPMG’s office in Aberdeen. Those interested in attending should contact Nicola Sanderson via email on Nicola.Sanderson@KPMG.co.uk.