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DIL wins Rs 14.02 billion ONGC contract for production enhancement

2024-09-12

Deep Industries Ltd (DIL) has won a Rs 14.02 billion contract from Oil and Natural Gas Corporation (ONGC) for production enhancement operations at its Rajahmundry Asset. The 15-year contract is the largest project awarded to DIL, more than doubling its order book, which stood at Rs 12.46 billion as of June 30, 2024.

Paras Savla, Managing Director, Deep Industries, expressed excitement over the contract, stating, "This landmark achievement strengthens our role in the evolving oil and gas services value chain as we expand into Production Enhancement Contracts (PEC)."

The project focuses on boosting hydrocarbon production from ONGC's ageing fields using advanced techniques and safe operating practices. This move is expected to diversify Deep Industries' revenue streams and improve profitability.

As ONGC develops its Rajahmundry Asset to enhance production and recovery from mature fields, Deep Industries will support the company's efforts to apply efficient technologies and practices to improve long-term output.

(ET)