Megha Engineering & Infrastructures Ltd (MEIL), the diversified infrastructure company, is upbeat on its oil rig manufacture business for supplies in India and other markets and sees potential for $2-billion business.

By March next, the company is set to deliver 23 rigs to ONGC with 14 rigs are now in transportation to different locations across India. This is part of the ₹6,000-crore order for supply of 47 rigs to ONGC.

The company expects to step up the indigenous component of these advanced rigs from 50 per cent to 90 per cent over time. “Reducing dependence on energy imports is a must for the success of ‘Make in India’ and Atmanirbhar Bharat. MEIL is contributing to both the initiatives and playing its part in boosting domestic oil production and securing the country’s energy future,” P Rajesh Reddy, Vice-President, MEIL, said.

“Till recently, India was dependent on imported oil and fuel extraction rigs. MEIL has significantly boosted domestic rig manufacturing capacity. The second rig, handed over to ONGC, will be deployed in Gujarat. ONGC will benefit from these advanced rigs built in the country,” N Krishna Kumar, Head-Oil Rigs Division, MEIL, said.

He said they aim to deliver 23 rigs to ONGC by March.

As per the arrangement, 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 comprises 20 workover rigs and 27 land drilling rigs. The 20 workover rigs include 12 having capacity of 50 mt, four having 100 mt capacity and another four with a capacity of 150 mt.

Of the 27 land drilling rigs, two are mobile hydraulic rigs and others are of varied capacities. The 2,000 HP rigs can drill up to 6,000 metres.

MEIL is manufacturing advanced hydraulic technology oil well rigs near GGS-IV oil field in Dhamasana village, near Kalol in Gujarat.

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