amongst the newsflow around renewables & EVs etc, newsflow around exploration activities seems to have taken a backseat. However, the fact of the matter is that exploration activities have increased quite significantly in india over the past 20 years. Drilling for oil & gas took a severe beating between 2014-2016 due to the fall in oil prices and have picked up in 2017 again.
Here is a chart of the average rig count in india since 1982 containing both offshore and onshore rigs. India is a heavyweight in terms of O&G prospecting in the Asia Pacific region with a 53% market share of the total rigs in operation with 114 rigs in operation in Oct 2017 as against 34 of China.
This in stark contrast with the overall O&G prospecting activities for the world, which is showing a declining trend. Here is a similar chart for the world.
The basic takeway is the drilling activities are increasing in India and but are reducing or have bottomed out globally.