Deep Industries wins Rs 14.02 billion ONGC contract for production boost

09 Sep 2024 CW Team

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

Paras Savla, Managing Director of Deep Industries, expressed the company's excitement over the achievement, noting that the expansion into Production Enhancement Contracts (PEC) strengthens their position in the evolving oil and gas services value chain.

The contract focuses on PECs designed to boost hydrocarbon production from ONGC's ageing fields through advanced techniques and safe operating practices. The PEC framework is anticipated to expand Deep Industries' revenue streams and enhance profitability.

ONGC's Rajahmundry Asset is undergoing further development of hydrocarbon reserves to improve production and recovery from its mature fields, aligning with ONGC?s strategy to implement efficient technologies and practices for long-term output improvement in its contract areas.

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