Asian drilling giant Greka Drilling Limited (AIM: GDL) has agreed a three-year contract for work in India.
The drilling contract is with Oil and Natural Gas Corporation Limited (ONGC) for its Bokaro coal-bed methane (CBM) asset.
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 at least $15 million over the three year period.
Randeep S. Grewal, chairman and chief executive of the drilling firm, said: “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.
“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.”
“This contract has affirmed our position in developing a cleaner energy future for the next generation.”
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