Expect 30% drop in 'drilling jar' prices

Vol 18, PW 15 (26 Mar 15) News in Brief
     

Schlumberger, Weatherford and NOV better watch out because there is a new kid on the block selling drilling jars in India - Integrated Oil and Gas Services (IOGS).

Unlike the others who sell imported jars, IOGS has begun producing jars locally at its Patalganga factory outside Mumbai, which means it can sell them 30% cheaper. “We’re the only jar manufacturer in India,” says IOGS director GV Anand.

Drilling jars are tools used to prevent the loss of drillstrings. Anand adds the first 15 jars will be ready by June for export.

IOGS is trying to get qualified by ONGC to supply this equipment. “Every year 100 units are sold in India and 200 are hired out,” we hear.

iTS Energy Services began producing jars in India in 2009 but stopped in 2013. IOGS has spent Rs16cr ($2.7m) on Patalganga Phase-I - certified by API as a repair facility - and will spend the same on Phase-II.

“We’ve done repairs for Aban and qualified as a ‘vendor’ for Shelf, Deepwater, Greatship, Jindal, and GOL Offshore.”