Kedarnath jack-up for OVL in Iran

Vol 9, PW 13 (06 Oct 05) News in Brief
     

ONGC Videsh is deploying Great Offshores 300-ft independent leg slot type jack up rig Kedarnath at its offshore Farsi block in Iran.

Kedarnath will sail for Iran by the end of December on a seven-month programme to drill four firm wells for OVL. Three wells are likely to be oil bearing and the fourth well could be gas bearing.

Kedarnath can drill up to 20, 000 feet and is contracted with ONGC at $46, 000 per day. ONGC might have to pay a higher day rate if the rig is deployed in Iran, to account for additional cost of operations in Iran and also to cover the cost for extra crew and manpower.

Kedarnath arrived at the Indian port of Bhavnagar on 24th September 2005 from Bahrain where she spent three and a half months for a refit. She is scheduled to drill one well for ONGC offshore Gujarat this month (October) before sailing for Iran in mid-December.

OVL is the operator at Farsi with 40% stake. IOC holds 40% and Oil India has 20% stake.