Finding offshore rigs has become harder and more expensive for ONGC as the market for oilfield services has become very tight with the Middle East producers led by Saudi Arabia and the UAE amassing a record number of jackup rigs.
Earlier this year, ONGC sought 12 rigs for its projects but got only 10. New rig contracts it signed then were about 50% more expensive than the deals closed three years earlier. Since then, things have gotten only more expensive, with some of the services doubling in price.
