Published On:January 25 2018
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Essar Oilfields bags Rs. 32-cr order from ONGC.
Essar Oilfields Services India Ltd. recently said it has won a Rs. 32-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 Rs. 300 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 Rs. 850-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 expects to increase its revenues by a further 20 per cent 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.”