Essar Oilfields Services India Limited (EOSIL) announced that it has been awarded a one-year, Rs 32-crore contract by ONGC to drill 30 wells at the latter's coal bed methane (CBM) block in Bokaro, Jharkhand. The Company will be deploying the MR#11 land rig for the job.
EOSIL, which is close to posting a revenue of Rs 300 crore in the current fiscal, has three of its land rigs currently in operation. These rigs have been contracted with Oil India and Mercator Petroleum. Its offshore semi-submersible rig, the Essar Wildcat, is also deployed on a three-year Rs 850-crore contract with ONGC since May 2017, making this the Company's second drilling contract with the state-owned oil and gas exploration and production major.
EOSIL is expecting to increase its revenues by a further 20 per cent in FY2018-19 because of better deployment of assets. Eight of its rigs are likely to be in operation for a range of clients in the upacoming financial year.