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Nearly 70 per cent of the domestic drilling industry could go idle as state-owned Oil and Natural Gas Corporation (ONGC), the country’s largest oil and gas explorer, refuses to differentiate between old junk rigs and the new generation high spec jack-ups in its latest tender.
“We (the domestic drilling firms) are forced to compete with old rigs in the tender and are not offered any premium despite our rigs being technologically improved and safety enhanced,” a senior official with Jindal Drilling told Business Standard on the condition of anonymity.
ONGC owns 10 jack-up rigs and usually charters the balance 20 from fleet
