Essar Oilfields services acquires rig for USD 220 million
Essar Oilfields Services Ltd, a a subsidiary of Cyprus-based Essar Shipping and Logistics Ltd, on Thursay said it has acquired a semi-submersible rig Transocean Inc of US for 220 million dollars. "The acquisition is in line with EOSLs plans to gain a significant presence in the contract drilling sector," a company press release said here.
The rig will be christened Essar Wildcat (earlier known as Transocean Wild Cat). The company took the delivery of the rig in the UK.Essar Wildcat is an anchor moored, self propelled drilling rig suitable for deployment in water depths of 1,350 feet and can be upgraded for deeper waters. The rig has a drilling depth capacity of 25,000 feet.
The rig is equipped with top drive, automatic pipe handling systems and rough weather bop launch system."With this acquisition, Essar will be among the elite companies that offer high technology deeper water drilling services," the release said. EOSL has drawn up plans to invest over 400 million dollars for acquisition of a diversified fleet of onland and offshore drilling rigs. "Essar has considerable experience and an excellent track record in contract drilling services. It was the first Indian company to offer contract drilling services in 1985 both for onshore as well as offshore E&P activity," it said.
Essar Shipping and Logistics Ltd is a part of global conglomerate Essar Global Ltd, which has operations in steel, oil and gas, power, telecom, shipping and construction sectors. Essar finds oil in Mehsana block in Gujarat Essar Oil Ltd has made an oil discovery in its onshore Mehsana block in Gujarat. "Oil and associated gas has been found in prospect B in the block CB1/3," a company source said. The Directorate General of Hydrocarbons (DGH) has agreed that the discovery in the well was commercial in nature. The company owns 100 per cent interest in the Mehsana block. EOL, to begin with, is expecting to produce about 500 barrels a day which will then be improved as more number of wells are drilled. The total estimated in place reserves in this prospect is 18 million barrel oil equivalent and recoverable reserve is 2.7 million barrel oil equivalent, the source added.