Quippo riding high with new drilling contracts

Vol 20, PW 18 (01 Jun 17) Exploration & Production

Iqrar Husain, the new head of Delhi-based onland driller Quippo, is brimming with optimism, fresh from winning a long-term Cairn India drilling contract.

Husain tells this report Cairn India has hired a 2000-hp land rig from Quippo for three years at around $25,000/day. "We are buying a new rig from RG Petro-Machinery (China)," says Husain.

"This rig will be highly mobile with a skidding system. It can drill from well pads." Quippo is contracted to mobilise the rig for Cairn by November 16, 2017.

But that's not the only good news. Also expected are LoAs from ONGC for two 2000-hp land rigs: Rig-8 (earlier known as Rig-28) and Rig-31 for deployment in Assam.

Quippo won the contracts for these rigs (previously owned by troubled driller Shiv Vani) after matching the $22,899/day rate quoted by John Energy which won a separate ONGC contract in April for a 2000-hp rig needed in Tripura for three years. In total Quippo will soon boast six rigs working on long-term contracts.

Another 2000-hp Rig-5 spud its first well for ONGC in Tripura on March 30, 2017 under a four-year contract at $25,000/day. Quippo also has two 2000-hp rigs, Rig 3 and Rig 7, drilling for Oil India under three-year contracts running since February and April 2016 at $25,000/day each.

"Our rigs are working with Oil India with zero down time," adds Husain.