MEIL delivers 2nd oil rig to ONGC, to supply another 21 by 2022

• The delivery is part of the Rs 6,000-crore order won by MEIL from ONGC for the supply of 47 rigs
• Outfitted with advanced hydraulic technology, the second rig is set to begin operations at an oil well near GGS-IV oil field near Kalol in Gujarat, under ONGC Ahmedabad Asset

New Delhi: Megha Engineering and Infrastructures Ltd (MEIL) said on Thursday that it has delivered the second oil rig to state-run Oil & Natural Gas Corporation (ONGC) and will supply another 21 rigs by 2022. The delivery is part of the Rs 6,000-crore order won by MEIL from ONGC for the supply of 47 rigs. MEIL is the first private company in India to manufacture oil and gas rigs with indigenous technology, said the company in an official statement on Thursday.

MEIL's 2nd rig will be deployed at ONGC's Ahmedabad asset

Outfitted with advanced hydraulic technology, the second rig is set to begin operations at an oil well near GGS-IV oil field near Kalol in Gujarat, under ONGC Ahmedabad Asset. By March 2022, 23 rigs will be delivered to ONGC. The aim is to hand over all the 47 rigs at the earliest, said the statement. "MEIL is also planning to expand its overall business to up to $2 billion in the coming days by manufacturing indigenous rigs. MEIL will manufacture and supply it in India and globally," the company added.

The oil rigs manufactured by MEIL with advanced hydraulic technology dig oil wells faster and operate with minimal power. With a capacity of 1,500 HP, the rig can easily drill up to 4,000 metres. The rig is expected to be operational for 40 years and comes with the most modern technology, even in terms of security standards.

Indigenous component in MEIL rigs at 50% currently

P Rajesh Reddy, vice-president, MEIL, said India is importing 80 percent oil products. "Reducing dependence on energy imports is a must for the success of Make in India and Atmanirbhar Bharat. MEIL is proud to be contributing to both the initiatives and playing its part in boosting domestic oil production and securing the country's energy future," said the statement.

The indigenous component level in the advanced rigs is 50 percent at present, and will be increased to 90 percent over time, he added.

MEIL to supply 20 workover rigs, 27 land drilling rigs to ONGC

"Until recently, India was mostly dependent on oil and fuel extraction rig 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, said.

MEIL will manufacture and deliver the rigs to ONGC Assets in Assam (Shib Sagar, Jorhat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankleshwar, Mehsana and Cambay), Tripura (Agartala) and Tamil Nadu (Karaikal). ONGC's order of 47 rigs comprised of 20 workover rigs and 27 land drilling rigs. The 20 workover rigs include 12 with a capacity of 50 MT, four of 100 MT capacity, and another four with 150 MT capacity. MEIL said the rigs can operate at -65 degrees also. These rigs are completely automated and have high efficiency and performance. They are very flexible in transportation and can be moved to any location easily, said the statement.

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