Greka Drilling gets LOA from ONGC

Greka Drilling Limited has been awarded a Letter of Award (LOA) for a three year drilling contract by Oil & Natural Gas Corporation Limited (ONGC) for ONGC’s Bokaro CBM asset in India.

Source: Wikimedia Commons

Under the Contract, the Company will deploy one of its purpose-built efficient semi-automated GD75 rigs based in India. ONGC plans to drill 73 wells over the next three years using this rig which has a proven track record of drilling in similar geological conditions. The project will entail the provision of drilling and mud services along with the provision of associated equipment and is estimated to generate total revenues of USD 15M over the three year period. The LOA is subject to contract and to the issue of a performance bond.

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