Deep Energy Resources Ltd

Deep Energy Resources Ltd

Deep Industries Ltd is well diversified Oil & Gas Company with business interest in Air and Gas compression Drilling Work over and Oil & Gas Exploration and Production. The company is a pioneer in the service sector of oil and gas fields mainly in Gas compression services. They also provide work-over Drilling Rig and allied services. The company is headquartered in Ahmedabad Gujarat primarily caters to ever increasing demand for Oil and Gas Field Services requirements.The company is India's largest Gas Compression services provider and has expanded its Oil Field services to work over activities. From their Drilling to Dispensing plan the company has also expanded their arms to Exploration and Production Business of Oil Gas and Coal Bed Methane. They are providing value added Engineering Services to various Public Sector and Private Sector Undertakings in India.The company has four main lines of business namely gas compression work over rigs marginal gas fields and coal-bed methane (CBM). In the gas compression business the company owns operates and maintains a compressor fleet with capabilities ranging from 100 horse power (HP) to 4000 HP. The company has three subsidiaries namely Deep Energy LLC USA Deep Natural Resources Ltd and Prabha Energy Pvt Ltd.Deep Industries Ltd was incorporated on January 01 1991 as a private limited company with the name Deep Roadways Pvt Ltd. Initially the company is engaged in the activities of providing liquid transportation services and then they gradually moved from a liquid transport service provider to compression service providers.In the year 1994 the company bagged contract to provide High Pressure Air Compressors on charter hire basis to ONGC for its Ahmedabad project. In the year 1997 they bagged contract to provide Natural Gas Compressors on charter hire basis to ONGC for its Mehsana project. In February 6 1997 the company changed their name from Deep Roadways Pvt Ltd to Deep Industries Pvt Ltd. In the year 1998 the company bagged contract to provide Natural Gas Engine based power generation packages on charter hire basis. In the year 2001 they entered into Gas Compression Equipment Lease and Service Agreement with Hanover Asia Inc. USA for taking on lease Gas Compressors. In May 2 2002 the company was converted into public limited company and the name was changed to Deep Industries Ltd.In the year 2004 the company entered into Sales Representation Agreement with Valerus Compression Services Limited Partnership USA to act as Sales Representatives in the Asian Region. In the year 2005 they purchased 100 Ton Cardwell KB 500 S Axle Mobile Rig as a step towards becoming an integrated service provider to the Oil & Gas Sector. Also they received ISO 9001 - 2000 certification.In the year 2005 the company entered into memorandum of understanding with PT Indrillco Bakti Jakarta Indonesia for availing technical know-how/ collaboration in connection with work over services for 30 to 200 Ton capacity Rigs. During the year 2006-07 the company came out with the initial public issue and their shares were listed on the Bombay Stock Exchange and National Stock Exchange with effect from September 25 2006.During the year 2007-08 the company set up a company in USA namely Deep Energy LLC for exploration production & development of Oil & Gas fields which got operator ship license in USA. They received a contract for Gas Compression from Gujarat State petroleum Ltd valuing approximately of Rs 300.00 million for a period of five years. During the year the company got additional contract for providing gas compression services to Gujarat State Petronet Ltd. wherein Company would be deploying 2 Gas Compressors. They also got work orders for hiring 4 Workover Rigs from ONGC & GSPC Ltd. Also they had bidded for contracts of 11 different kinds of rigs floated by ONGC Ltd. During the year 2008-09 the company entered into E & P space through forward integration into gas production through CBM and Marginal fields. Also they received one onshore block in recent NELP VII round by Government of India. The block SR-ONN-2005/ I is situated in Chhattisgarh State.During the year 2009-10 the company set up two subsidiary companies namely Deep Natural Resources Ltd for exploration production & development of crude oil coal bed methane (CBM) and natural gas and Prabha Energy Pvt Ltd for generation of electrical power by conventional and non-conventional methods.The company has procured 13 new compressors during last two financial years and has successfully commenced five gas compression contracts in the financial year 2008-09 and 3 new gas compression contracts in the financial year 2009-10. In October 2010 the company received letter of intent (LOI) for hiring of work over rig on firm basis for work over operations testing plugging operations for all exploration / development blocks and fields of onshore blocks.