Punj Lloyd bags $42 mln drilling contract in Libya

New Delhi, Sept 22 (UNI) Punj Lloyd Ltd, an engineering and construction firm, today said its subsidiary has secured a 42 million dollar drilling contract in Libya for deploying two onshore rigs.

The subsidiary -- Punj Lloyd Upstream -- set up last year to address the opportunities in the integrated drilling services market, has received a Letter of Intent (LoI) for the contract.

''With the contract in Libya, we hope to expand our presence in the onshore drilling space. The country's upstream sector has a promising business environment with sizable reserves and service potential,'' Punj Lloyd Upstream CEO Vikram Walia said in a statement.

The contract requires drilling exploratory wells in the Gialo oilfield of the prolific Sirte Basin for Libya's second largest crude oil producer Waha Oil Company, which is a joint venture between state-owned National Oil Company and Conoco Phillips, Amerada Hess, and Marathon Corporation of the US.

The company is already present in Libya through a pipeline project for Sirte Oil Company.

With plans to acquire a leadership position in onshore drilling space, Punj Lloyd Upstream will simultaneously develop contracts in India and the Middle East and North Africa (MENA) region, Mr Walia said, adding that the company will also expand to other countries where parent company Punj Lloyd has an operating presence.

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