ONGC to acquire ultra deepwater rig

New Delhi, Mar 20 (UNI) The State-owned Oil and Natural Gas Corporation (ONGC) is planning to acquire an ultra deepwater rig at a cost of 400 million dollars.

The company, which is heavily dependent on chartered rigs has a long-term plan for ultra-deepwater exploration.

The shortage of rig has affected the drilling operations of the company.

Ultra deepwater rigs, also known as floaters, are suitable for drilling activity in water depths exceeding 1,000 metres. There is an acute shortage of such rigs worldwide. Hence, besides spiralling of charter rates, most of the rigs are overbooked.

ONGC currently has access to 27 offshore rigs. Apart from the 20 chartered ones, the company also owns seven offshore rigs, including five jack-up rigs suitable for drilling in shallow waters, and deepwater (up to 1,000 metres) rigs.

UNI