ONGC to spend Rs4,580 crore on rig acquisition

State-run Oil and Natural Gas Corp (ONGC) plans to invest Rs4,580 crore for acquisition of 14 oil and gas rigs, a newspaper report said today, citing an unnamed company official.

According to the report, the company intends to acquire 10 onshore rigs valued at Rs900 crore from state-owned Bharat Heavy Electricals Ltd (BHEL) and float tenders for an additional four offshore rigs that would require an investment of Rs3,680 crore, the report said.

According to another unnamed ONGC official quoted in the report, the company would go to BHEL for onshore rigs for which it already has quotations while for jack-up rigs, the company would go for tendering once the design was crystallised.