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Greka Drilling lands three-year drill contract in India

“This contract consolidates our market position in both China and India."

oil and gas operations
It will deliver at least US$15mln over the three years

Greka Drilling Ltd (LON:GDL) has confirmed it has now entered into a three-year drilling contract in India.

The Oil and Natural Gas Corporation (ONGC) has contracted Greka to the Bokaro CBM asset, where it will provide drilling and mud services.

READ: Greka Drilling lands new contracts worth at least US$9mln

It is estimated that the arrangement will deliver at least US$15mln over the three years.

"I am pleased to announce that Greka Drilling has signed the contract with ONGC for the drilling of their wells at Bokaro in India,” said Randeep Grewal, Greka chief executive.

“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.

WATCH: 'Drought in drilling service sector is over' - Greka Drilling's Randeep Grewal

“Greka Drilling will contribute significantly to the realisation of the Government of India's vision for environmentally friendly energy security cutting down Green House Gas emissions by exploring the unconventional resources in a quest for Clean Energy in the market.”

Grewal added: “This contract has affirmed our position in developing a cleaner energy future for the next generation."

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on 09/24/2014

2 min read