Megha Engineering to deliver 23 oil rigs to ONGC by March 2022
Presently, 14 rigs are in transportation to different locations across India.
Hyderabad: Hyderabad-based Megha Engineering & Infrastructures Ltd (MEIL) said it is going to deliver 23 oil rigs to ONGC by March 2022. Presently, 14 rigs are in transportation to different locations across India. The company sees a potential for $2-billion business in the oil rigs space.
MEIL earlier bagged Rs 6,000-crore order from ONGC for the supply of 47 rigs, the first private company in India to manufacture and use oil and gas extraction rigs with indigenous technology. The company already handed over the first of the 47 rigs to ONGC. The total order comprises 20 workover rigs and 27 land drilling rigs.
Outfitted with advanced hydraulic technology, the second rig is set to begin operations at KLDDH oil well near GGS-IV oil field in Dhamasana village near Kalol in Gujarat. It drills oil wells faster and operates with minimal power. With a capacity of 1,500 HP, the rig can easily drill up to 4,000 metres.
“Reducing dependence on energy imports is a must for the success of Make in India and Atmanirbhar Bharat,” said P Rajesh Reddy, VP of MEIL.
The indigenous component level in the advanced rigs is 50 per cent at present, and will be increased to 90 per cent over time.
“Until recently, India was mostly dependent on oil and fuel extraction rigs imports, but MEIL has significantly boosted domestic rig manufacturing capacity. The second rig handed over to ONGC is manufactured with state-of-the-art hydraulic and automated technology. ONGC will benefit from these advanced rigs built with cutting-edge technology,” N Krishna Kumar, head, Oil Rigs Division, MEIL added.
MEIL will manufacture and deliver the rigs to ONGC assets in Assam (Sibsagar, Jorhat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankleshwar, Mehsana and Cambay), Tripura (Agartala) and Tamil Nadu (Karaikal).
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