Greka Drilling Cuts 1H Loss

Coalbed methane driller Greka Drilling has sharply reduced its loss in the six months that ended June 30, 2017 to $1.4mn from $5.5mn in the first half of 2016, it said September 27. Its revenue grew 38% to $3.6mn.

Green Dragon drilled 12 wells in the period, two more than in the same period last year. Five were in China and seven in India for Essar.

“I am very pleased to report a well-balanced performance in China and India. Our well-executed dual country strategy has been successfully implemented. The contracted services from both countries’ state-owned enterprises CNPC and ONGC are recognition of the niche CBM drilling expertise and technology within Greka Drilling,” said CEO Randeep Grewal.

Earlier this year, Greka won a three-year 73-well drilling contract from ONGC for its Bokaro coalbed methane project. ONGC is Greka’s second Indian client after Essar.

Greka expects to generate total revenues of $15mn over the three-year period from the ONGC contract.

Shardul Sharma