ONGC Plans To Buy 27 Rigs For Up To Rs 3,500 Cr


ONGC Plans To Buy 27 Rigs For Up To Rs 3,500 Cr

Oil and Natural Gas Corp (ONGC) is planning to purchase 27 drilling rigs to replace nearly half of its ageing onland rigs in a deal that could cost Rs 3,000-3,500 crore.

The state-run explorer has floated a tender seeking bids from interested suppliers by November 14. ONGC had initially planned to purchase nearly 50 rigs but later curtailed it to 27.

Fresh purchases will help partly replace its ageing fleet of 67 drilling rigs that’s currently operating at its onshore fields, a company executive said. “Most of our onshore rigs are old and that have an impact on the quality of operation. Which is why we are trying to replace them. New rigs will make things more efficient,” a company executive said. Read more

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