Hyderabad (Telangana) [India], August 27 (ANI): Megha Engineering and Infrastructures Limited (MEIL) is planning to expand its business upto 2 billion dollars by manufacturing Indigenous drilling rigs.
MEIL has bagged the order to manufacture and supply 23 rigs to Oil and Natural Gas Corporation Limited (ONGC). Presently, 14 rigs are in transportation to different locations across India.
This is for the first time, MEIL delivered 47 rigs worth Rs 6000 on such a large scale in the private sector as part of the 'Make in India' and 'Atmanirbhar Bharat' initiatives.
Outfitted with advanced hydraulic technology, the second rig is set to begin operations at the KLDDH oil well near the GGS-IV oil field in Dhamasana village Near Kalol in Gujarat, under ONGC Ahmedabad Asset.
It drills oil wells faster and operates with minimal power. With a capacity of 1,500 HP, the rig can easily drill up to 4,000 metres. The rig is expected to be operational for 40 years and comes with the most modern technology, even in terms of security standards.
ONGC's order of 47 rigs to MEIL comprises 20 workover rigs and 27 land drilling rigs. The 20 workover rigs include 12 having a capacity of 50 MT, four having 100 MT capacity, and another four with 150 MT capacity.
Of the 27 land drilling rigs, two are mobile hydraulic rigs with a capacity of 1,500 HP, and 17 are AC VFD rigs with 1,500 HP capacity. Six others are AC VFD rigs having a capacity of 2,000 HP, and two others are HT VFD rigs of 2,000 HP. The 2,000 HP rigs can drill up to 6,000 metres.
"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," said Mr P. Rajesh Reddy, Vice-President, MEIL.
The indigenous component level in the advanced rigs is 50 per cent at present and will be increased to 90 per cent over time.
"The second rig handed over to ONGC is manufactured with state-of-the-art hydraulic and automated technology. ONGC will benefit from these advanced rigs built with cutting-edge technology. They aim to deliver 23 rigs to ONGC by March 2022," explained Mr N. Krishna Kumar, Head-Oil Rigs Division, MEIL.
India is importing 80 per cent of oil products. The aim of MEIL is to drill in India here and to produce oil here and make oil imports less.
"In this C1-R1 is functioning successfully with drilling oil. Second C1-R2 will be soon handed over to ONGC and the third one is been getting readied," said Chairman Bommareddy Srinivas, Oil Rigs Head.
These rigs can operate at -65 degrees also. These rigs are completely automated and having high efficiency and performance. These rigs are very flexible in transportation and can be moved to any location easily.
MEIL is manufacturing advanced hydraulic technology KLDDH oil well near GGS-IV oil field in Dhamasana village Near Kalol in Gujarat. (ANI)