MEIL hands over second oil rig to ONGC

Infrastructure company MEIL said it has delivered the second oil rig to ONGC, and another 21 rigs will be supplied to the state-owned firm by 2022.

The delivery is a part of the Rs 6,000 crore order Megha Engineering and Infrastructures Ltd (MEIL) had won from ONGC for the supply of 47 rigs. MIEL is the first private company in India to manufacture oil and gas extraction rigs with indigenous technology, a company statement said.

An oil rig is a structure with equipment for drilling an oil well.

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, the company said.

"MEIL is also planning to expand its overall business to up to USD 2 billion in coming days by manufacturing indigenous rigs. MEIL will manufacture and supply it in India and globally," it said without divulging any further information.

P Rajesh Reddy, Vice-President, MEIL, said India is importing 80 per cent 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.