Essar Oilfields awarded drilling contract by GAIL
Mumbai, Feb 22 (IBNS): Essar Oilfields Services India Limited (EOSIL) on Wednesday announced that it has been awarded a Rs 28-crore contract by Gas Authority of India Limited (GAIL) to drill three firm plus two optional wells in Gujarat’s Cambay basin.
Drilling for the project is expected to commence in April-May 2018.
The Company has signed a series of onshore and offshore drilling contracts in FY18 with clients like GAIL, ONGC, Oil India and Mercator Petroleum.
With projects in the pipeline, the company is expecting to grow its revenue to Rs 400 crore in FY19, which is 35% more than the current fiscal.
Rajeev Nayyer, CEO, EOSIL, said: “This contract, the fourth that we have signed this fiscal, yet again validates our credentials as a world-class drilling contractor. Both public and private sector oil majors have intensified exploration activity in India, and they have reposed faith in us for their drilling needs."
"After having signed back-to-back contracts with clients of this stature, we are poised to bag more such assignments and grow further in the next fiscal.”
EOSIL will be using the Essar Rig MR01 (1000 HP) to drill the wells for GAIL.
The MR01 is the latest addition to the EOSIL fleet of rigs and is currently drilling for Mercator Petroleum.
After completing this assignment, the rig will be deployed for the GAIL project.
In addition to its 15 land rigs, EOSIL also operates the offshore rig, Essar Wildcat, which is a semi-submersible rig capable of drilling in water depths of up to 1,600 feet and drilling depth of up to 25,000 feet.
Since May 2017, this rig has been deployed on a three-year contract with ONGC on the east coast of India.
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