ONGC places Rs.16-bn order for eight onshore rigs

August 7th, 2008 - 7:37 pm ICT by IANS  

New Delhi, Aug 7 (IANS) India’s state-owned Oil and Natural Gas Corp (ONGC) has given an order worth Rs.16.1 billion for eight deep drilling onshore rigs to Shiv-Vani Oil and Gas exploration services, it was announced Thursday. In a regulatory statement, Shiv-Vani said the contract for a period of three years is the “single largest contract in Indian history of onshore oil and gas services”.

The contract is is for eight onshore deep drilling rigs on an integrated well completion basis for its Tripura, Sivasagar and Rajamundhry assets, which include one 3,000 horsepower rig and seven 1,500-2,000 horsepower rigs. The proposed 300 horsepower rig will be the largest onshore rig in India.

Shiv-Vani has been given a mobilisation period of seven months for deployment. Orders for the rigs have already been placed, and would be delivered as per schedule to start project by the fourth quarter of the financial year, said the company statement.

This contract will increases Shiv-Vani’s order book to over Rs.45 billion executable over three years.

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