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Richa Mishra
Pratim Ranjan Bose

But open to sharing for future ultra deepwater activities

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New Delhi/Kolkata Jan 22. The state-run ONGC will not share rigs with other exploration and production (E&P) companies working in India, for any of the scheduled exploration activities expected to continue till 2009-10.

ONGC currently holds exploration rights in 168 acreages in India and is likely to get 25 more under the latest round of New Exploration Licensing Policy (NELP). The company, however, is open to sharing rigs for "future exploration activities", especially, those in ultra deepwater.

ONGC has already chartered the largest number of 21 offshore rigs in India on a long-term basis from a number of global operators such as Transocean, Premier and Dolphin at comparatively lower rentals than the existing short-term rates.

Most of the rigs are chartered till 2009-10. This apart, the company owns a fleet of over 77 rigs, including 70 onshore and 7 offshore.

Fresh charters

"We have a large number of exploration acreages secured till NELP-V and all the rigs at our disposal are already assigned to take up exploration activities in various parts of the country lined up during the next two years," the Director (Exploration)-ONGC, Mr D.K. Pande, told Business Line.

He, however, stated that the company was keen on joining other E&P companies to share rigs with other operators for fresh charters.

"In view of rising cost of chartering offshore rigs, it would be mutually beneficial for all of us, if we can commonly charter the rigs at a cheaper rate on a long-term basis and share the same as per a pre-determined work programme," Mr Pande said.

The Director-General of Hydrocarbons, Mr V.K. Sibal, told Business Line that all the operators have evinced keen interest in rig-sharing and would soon decide upon the tendering and other modalities.

It may be mentioned that ONGC had earlier explored the possibilities of sharing rigs with the private sector major Reliance for exploration activities in KG basin.

More Stories on : Petroleum | Outlook | Oil & Natural Gas Corporation Ltd

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