Greka Finalises ONGC Drilling Contract

UK-listed coalbed methane (CBM) driller Greka Drilling has finalised a three-year contract with Indian state owned energy company ONGC, it said November 16.

Greka will drill 73 well at ONGC’s Bokaro CBM asset in east Indian state of Jharkhand; the contract is estimated to generate total revenues of at least $15mn over the three year period. 

"I am pleased to announce that Greka Drilling has signed the contract with ONGC for the drilling of their wells at Bokaro in India. This contract consolidates our market position in both China and India and our strategic deployment of custom built state of the art CBM specific rigs in two of the biggest energy growth markets in the upcoming decade,” Randeep S. Grewal, CEO of Greka Drilling, said.

At present, India’s CBM production is negligible given the country’s abundant coal resources. In March, the Indian government allowed CBM producers to market and price the gas freely in the domestic market. The aim is to boost local production.

Shardul Sharma