The Cyprus-based rig operating group Dynamic Offshore Drilling has announced it is set to deploy its first newly built offshore rig for exploration of oil and gas wells in Indian waters operated by Oil and Natural Gas Corp (ONGC).
It is set to be deployed in February 2013, in the western offshore area of India.
The new rig is expected to be sailed out of the Keppel Shipyard in Singapore on 3 February and reach ONGC wells in 22 days.
Dynamic Offshore, which built the new exploration rig with a cost of $205m, has entered into a five-year contract with the ONGC for providing rigs.
Speaking to PTI after the christening of the rig ‘Dynamic Vision’ at Keppel Shipyard, Dynamic Offshore Drilling chairman Naresh Kumar said India requires 55 rigs for drilling its offshore oil and gas basins in the next two years.
"India’s growing energy demand is driving the country to actively increase its offshore oil and gas production," said Naresh Kumar.
In December 2012 the company bid for contracts for two more rigs from ONGC, in addition to a drillship and a jack-up rig leased from international rig owners, which it currently operates under contracts with the oil major.
"Dynamic Offshore plans to order another newly built rig for deployment by 2016, and was negotiating to lease two more rigs from international owners," said Kumar.
"We are currently negotiating for leasing or acquiring more rigs for drilling in India".
Dynamic Offshore said it plans to enhance its rig fleet and expand activities to south-east Asia and the Middle East in future.
Image: An ONGC oil platform in the Arabian Sea. Photo courtesy of Nandu Chitni.