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FINANCIAL NEWS
India’s Das Offshore, UAE’s Majestic General to form USD25m JV
27 Nov 2011
(MENAFN) Das Offshore Petroleum’s General Manager, Bhagwan Guawy, said that the Indian firm would establish a USD25 million joint venture with Abu Dhabi’s Majestic General Trading Company, reported Emirates 24/7.
Guawy added that the ‘Das Offshore’ joint venture, would focus on oil and gas field services, moreover, it would be expected to achieve revenues of USD100 million by 2014.
He also said that Das Offshore, which planned to enter bids invited by Abu Dhabi’s leading oil firms, including Adnoc, Adma, Zadco, Takreer and Technip, would provide offshore and onshore oilfield services, including, cleaning, drilling, pipe-laying, maintenance and rig engineering.
It is worth noting that by 2014; nearly 3,300 oil wells are expected to be discovered in the Middle East which holds 61 percent of the world’s oil reserves and 41 percent of natural gas reserves.
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