Oil India to buy 3000-hp rig
Oil India wants to buy a 3000-hp rig worth up to $50m and wants a bid guarantee of $1m.
On August 17 (2024), Oil India invited offers with a September 17 (2024) deadline, indicating that it wants to complete the purchase within the financial year (2024-25), which ends on March 31 (2025). Oil India has scheduled a pre-bid on August 22 and August 23 (2024) in Delhi.
Whoever wins must supply a 3000-hp VFD drilling rig package with a top drive system and accessories for five years. "The costs of these rigs range between $20m and $50m (according to specifications)," says an industry source.
"Oil India executives might visit China or the US (to drum up interest from bidders)." He adds that Indian companies with foreign tie-ups might also bid.
Oil India has said the contractor will have to set up a base in India. Nabors Drilling, Seros Energy and Quippo Oil & Gas are some potential bidders with an Indian base.
"The bidder should be the manufacturer (OEM) of the mast, substructure and crown block assembly for a rig of tendered capacity with valid API-4F and PSL-2 certification and should have experience supplying complete drilling rig package(s)," reads the tender. "Or the bidder should be the manufacturer of the three major rig components, namely draw-works, top drive and drilling control system and have experience supplying complete drilling rig packages."
In the recent past, Oil India has also hired a 3000-hp rig. On June 12 (2024), Starbit Oilfields Services won a four-year rig hire contract worth Rs822cr ($98m) from Oil India.
Starbit is a Seros Energy special vehicle for the company's deep drilling projects.