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Megha Engineering eyes $2-bn biz from oil rigs in 3 yrs
Megha Engineering & Infrastructures Limited
2nd oil rig made by MEIL ready to be handed over to ONGC for its oil field in Gujarat; To deliver 47 rigs
Hyderabad: Megha Engineering & Infrastructures Limited (MEIL), a diversified infrastructure major from the city, is targeting two billion dollar (nearly Rs 14,800 crore) worth of business from oil and gas rigs from India and abroad over the next three years.
The infrastructure major, which started making oil and gas rigs indigenously under Make in India and Atma Nirbhar Bharat policies initiated by the Narendra Modi government, currently has an order book of rigs and related equipment worth $1.5 billion. These orders include 47 rigs to be supplied to oil & gas major ONGC. Second oil rig made indigenously by MEIL is ready to be handed over to ONGC for its Kalol oil field in Gujarat.
"Reducing dependence on energy imports is a must for the success of Make in India and Atmanirbhar 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," P Rajesh Reddy, Vice-President, MEIL, said after a visit to the second oil rig made by MEIL for ONGC near Ahmedabad in Gujarat.
The infra major, which is the first Indian private player to manufacture oil and gas rigs, is gearing up to deliver 47 oil and gas rigs to ONGC Limited by 2022 end. It bagged this Rs 6,000-crore order from ONGC in 2019.
"This ONGC order is a 35 month programme. We got the contract through international bidding process. We will be able to do 20 rigs by the end of this financial year. Another 27 will be delivered by the end of next calendar year," said Kumar NK, Head-Oil Rigs Division, MEIL.
Out of 47 rigs, there are 20 workover rigs-(used to perform workover operations in a well) and 27 land drilling rigs. MEIL will be manufacturing and supplying the 47 rigs to ONGC Assets in Assam (Shib Sagar, Jorhat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankaleshwar, Mehsana and Cambay), Tripura (Agartala) and Tamil Nadu (Karaikal).
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. The indigenous component level in the advanced rigs is currently at 50 per cent, but the infra major is looking to take this localisation level to 90 per cent over time.
The first rig which was handed over to ONGC has been equipped with advanced hydraulic technology. It can drill oil wells faster and operate with minimal power. With a capacity of 1,500 HP, the rig can easily drill up to 4,000 metres from ground level. The rig is expected to be operational for 40 years and features most modern technology, even in terms of security standards.
