Megha Engineering starts handing over 'indigenously' developed oil rig, part of Rs 6000 crore deal, to ONGC

Hyderabad-based Megha Engineering & Infrastructures Limited (MEIL) on Thursday handed over the second "indigenously" manufactured oil rig to ONGC Limited in the Mehsana district of north Gujarat. The rig is part of an order worth Rs 6,000 crore for the supply of a total 47 drilling rigs which MEIL had won from ONGC, company officials said in Gandhinagar.

The company officials said that they will manufacture and deliver the rigs to ONGC assets located in states like Gujarat, Assam, Andhra Pradesh, Tripura and Tamil Nadu. Officials said that by March next year, it will be able to deliver 23 rigs to ONGC while 14 rigs are in transportation to different locations. The order of 47 rigs comprises 20 workover rigs and 27 land drilling rigs.

P Rajesh Reddy, vice-president, MEIL, said in a press briefing that as 50% of the rig components are indigenously developed while the company plans to increase it by 90% in future.

"Reducing dependence on energy imports is a must for the success of Make in India and Atma Nirbhar 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,” he said. He added that "the rigs have the latest technology. They are fully automated, they are faster and have the highest safety records."

“Until recently, India was mostly dependent on oil and fuel extraction rigs imports, but MEIL has significantly boosted domestic rig manufacturing capacity. The second rig handed over to ONGC is manufactured with state-of-the-art hydraulic and automated technology. ONGC will benefit from these advanced rigs built with cutting-edge technology,” said N Krishna Kumar, Head-Oil Rigs Division, MEIL.

MEIL, which acquired Italy-based Drillmec, a specialist in oil and gas drilling, currently has manufacturing facilities for rigs in Hyderabad and Kakinada in Andhra Pradesh.