Mumbai: Global Vectra Helicorp (GVHL), leading provider of helicopter services to the oil and gas sector in India, has entered into a two-year aviation turbine fuel (ATF) contract with Reliance Industries and ONGC by way of hedging its fuel purchases.
''We have signed long-term ATF contracts with top oil companies, including Reliance and ONGC, to hedge fuel due to escalating operational costs,'' said CEO David Hayler. Global Vectra is also boosting its services to match a rise in offshore related business.
GVHL posted a net loss of Rs4.30 crore last fiscal, compared to a net profit of Rs18.87 crore in the previous year.
It is estimated that India is one of the least explored regions in the world, as far as oil and gas fields are concerned, with only 18% acreage explored so far. Almost 85% of India's oil and gas is located offshore. With companies, and even the government, showing a sense of urgency in stepping up gas exploration and production activities prospects for offshore helicopter services are looking up.
It is estimated that there may around 200 helicopters operating in India, of which 150 are in the non-scheduled segment. Around 50 helicopters are used for dedicated offshore oil exploration and production on the east and west coast.