ONGC awards INR 32-crore contract Bokaro CBM drilling to Essar Oilfields

Image Source: india.com

Essar Oilfields Services India Ltd, part of the Essar Group, announced that it has been awarded a one-year, INR 32-crore contract by Oil and Natural Gas Corporation (ONGC) to drill 30 wells at ONGC's Coal Bed Methane (CBM) block in Bokaro, Jharkhand. "We are proud to have been awarded this drilling contract for the Bokaro block, which is being widely regarded as India's biggest CBM project. With increased activity in India's oil & gas exploration sector, our rigs are well equipped to help boost domestic crude production, thus ensuring the country's energy security," Mr Rajeev Nayyer, CEO of Essar Oilfields Services India said.

The company said its offshore semi-submersible rig has been deployed on a three-year Rs 850 crore contract with ONGC since May 2017. "EOSIL is expecting to increase its revenues by a further 20 per cent in FY 2018-19 because of better deployment of assets. Eight of its rigs are likely to be in operation for a range of clients in the upcoming financial year," the company said in a statement.

It said that Essar Oilfields Services is expected to post a revenue of Rs 300 crore for the current financial year ending March as three of its land rigs are currently in operation, servicing government-owned Oil India and Mercator Petroleum.

Source : ET