Global engineering and construction major Siemens is planning to enter engineering segment of the oil & gas (O&G) sector. "O&G is a potential sector growing in India and abroad. Though we have no experience in the sector, we would like to enter the field after preparing ourselves by bidding for small projects. Afterwards, we would take up major projects in India and abroad," said Jurgen Schubert, managing director, Siemens. The company would be participating in its parent's projects in a small way, which is active in O&G discovery and production across Europe, Africa and other regions.O&G development involves setting up engineering infrastructure for exploring and drilling oil and gas, purifying fuel, storage and its transport. It sometimes requires regassification of oil and liquifying gas.With the recent gas discoveries by Indian companies such as Reliance and ONGC on the country's east coast, it has become more lucrative for companies to enter the field.Power, automation and industrial solution are the three major segments in which the company recoded a growth of 115 per cent, 59 per cent and 51 per cent, respectively, during the company's financial year ended September 2005. The company plans to invest around Rs 300 crore in the current fiscal (October-September 2006). Siemens India has an order book of Rs 5,104 crore for the current fiscal as against Rs 3,588 crore during last year. New vistas Owing to its lack of experience in the sector, Siemens would first bid for small projects and then take up major projects in India and abroadThe company would be participating in its parent's projects, which is active in O&G discovery and production across Europe, Africa and other regions
