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Greka Drilling gets $8 million to work for Essar Oil

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Staff writer ▼ | February 16, 2016
Greka Drilling announced a new contract to provide drilling services to Essar Oil on the Raniganj East Block in West Bengal, India.
Greka Drilling
Cooperation   Essar had previously engaged Greka Drilling in late 2013
Essar had previously engaged Greka Drilling in late 2013 to provide drilling services on Raniganj East and this contract was concluded in 2015 with a total of 16 wells being drilled.

Under the new contract, once mobilised, Greka Drilling will provide two of its high quality semi-automated GD75 rigs, that are already situated within country, to drill vertical and directional wells on a day-rate basis (rather than other current contracts where the Company is paid on a metres drilled basis) for the development of Essar’s Raniganj East coal bed methane block.

The contract is for a period of one year and has an estimated value of around $8 million. The commencement of drilling operations remains subject to the completion of pre-mobilisation requirements which are currently expected to be complete by end of this quarter.

Essar is a leading producer of coal bed methane in India whose Government has recently reiterated its commitment to developing the country’s domestic natural gas resources as a clean fuel.