BHEL to modernise ONGC's rigs
By A Business Correspondent
BHEL Ltd has been entrusted with the task of modernising old rigs of ONGC. An agreement to this effect has been signed with BHEL and work is expected to be completed within a period of two-three years. Order bidding has been invited with BHEL for new rigs. ONGC did not procure any rigs during the 9th Plan.
In the 10th Plan, the PSU has drawn up a project plan for drilling at 47 places on the western and eastern shores of India. It has provided a sum of Rs 2,300 crore towards this purpose. Thirteen companies have also been invited for undertaking operations in five blocks with the approval of the government. ONGC is hopeful of large reserves in Krishna-Godavari basin and Bombay Offshore.
During 2001-02, ONGC surpassed its target of drilling 143 developmental wells but faced a shortfall in meeting its target of drilling 194 exploratory wells.