Essar Oilfields wins Rs 28 cr contract from GAIL

Essar Oilfields Services India Ltd (EOSIL) today said it has been awarded Rs 28 crore contract by GAIL to drill at least three wells on state-owned firm's exploration acreage in Gujarat's Cambay basin.
The contract is for drilling three firm and two optional wells, commencing April/May, the company said in a statement.
This is the fourth contract that Essar Oilfields, which provides contract drilling services to oil and gas companies across the globe, has won this financial year.
"With projects in the pipeline, the company is expecting to grow its revenue to Rs 400 crore in 2018-19, which is 35 per cent more than the current fiscal," the statement said.

Rajeev Nayyer, CEO, EOSIL, said: "Both public and private sector oil majors have intensified exploration activity in India, and they have reposed faith in us for their drilling needs. After having signed back-to-back contracts with clients of this stature, we are poised to bag more such assignments and grow further in the next financial year."
EOSIL will be using the Essar Rig MR01 (1000 HP) to drill the wells for GAIL. The MR01 is the latest addition to the EOSIL fleet of rigs and is currently drilling for Mercator Petroleum. After completing this assignment, the rig will be deployed for the GAIL project.

In addition to its 15 land rigs, EOSIL also operates the offshore rig, Essar Wildcat, which is a semi-submersible rig capable of drilling in water depths of up to 1,600 feet and drilling depth of up to 25,000 feet. Since May 2017, this rig has been deployed on a three-year contract with ONGC on the east coast of India.