Essar Oilfields bags Rs32 crore drilling order from ONGC
New Delhi: Essar Oilfields Services India Ltd on Wednesday said it has won a Rs32 crore contract from state- owned Oil and Natural Gas Corp (ONGC) to drill 30 wells at a coal-bed methane (CBM) block in Bokaro, Jharkhand.
Under the one-year contract, Essar Oilfields “will be deploying the MR#11 land rig for the job, which is expected to commence in the next few weeks,” the company said in a statement. Essar Oilfields Services India Ltd (EOSIL), which is close to posting a revenue of Rs300 crore in the current fiscal, has three of its land rigs currently in operation.
These rigs have been contracted with Oil India and Mercator Petroleum. Its offshore semi-submersible rig, the Essar Wildcat, is also deployed on a three-year Rs850-crore contract with ONGC since May 2017, making this the company’s second drilling contract with the state-owned oil and gas exploration and production major.
EOSIL is expecting to increase its revenues by a further 20% in 2018-19 because of better deployment of assets, the statement said adding eight of its rigs are likely to be in operation for a range of clients in the upcoming financial year.
Rajeev Nayyer, CEO, EOSIL, said: With increased activity in India’s oil & gas exploration sector, our state-of-the-art rigs are well equipped to help boost domestic crude production, thus ensuring the country’s energy security.”
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