Megha Engineering & Infrastructures (MEIL) is all set to deliver $860 million worth 47 oil and gas rigs to ONGC by end of next year, a senior official of the Hyderabad-based infra major said on Thursday.
Kumar NK, Head-Oil Rigs Division of the diversified conglomerate said the vertical currently has order book of rigs and related equipment worth $1.5 billion (including the 47 rigs to be supplied to ONGC) and was hoping that in the next three years $two billion worth orders from both domestic and international markets.
“This (the supply of 47 rigs) is a 35 month programme. We got the contract in 2019 through international bidding process. We will be able to do 20 rigs by the end of this financial year. Another 27 will be delivered by the end of next calendar year,” Kumar said in a press conference.
Out of 47 Rigs, there are 20 Workover Rigs-(used to perform workover operations in a well) and 27 Land Drilling Rigs, he said.
The first rig which is equipped with advanced hydraulic technology and operational completed drilling of one oil well at Kalol oil field of ONGC, Dhamasana village near here.
This 1500 HP Land Drilling rig can easily drill oil wells to the depths of 4000 metres (4 kilo metres) from the surface level, according to Kumar.
The rigs are being manufactured under the prestigious ‘Make in India’ and Atma Nirbhar Bharat Policies and MEIL is the first private firm in the country to make and use the oil and gas extraction rigs with Indigenous Technology, the official said.
MEIL will be manufacturing and supplying the 47 rigs to ONGC Assets in Assam (Shib Sagar, Jorhat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankaleshwar, Mehsana and Cambay), Tripura (Agartala) and Tamil Nadu (Karaikal), Kumar said.
As major players of oil and gas in the country and also worldwide are set to modernise their rigs, MEIL hopes to get major chunk of business in future, he further said.
“MEIL has become a hope for India in oil and fuel extraction rigs, which till now was mostly dependent on imported machinery,” Kumar explained.
MEIL which acquired Italy-based Drillmec, a specialist in oil and gas drilling, currently has manufacturing facilities for rigs in Hyderabad and Kakinada in Andhra Pradesh.
The the oil and gas companies can save considerable time and other resources if they deploy MEIL’s rigs, Kumar said.
