Oil majors Reliance Industries Limited, ONGC and Eni of Italy have decided to snare the scarce resource – rigs. They have mandated Norwegian firm Rig Management Norway (RMN) to contract a deepwater rig on their behalf for five years. The rig will be shared by the trio for undertaking their respective exploration & production (E&P) activities in the east coast.
20/07/2007 :: Rajeev Jayaswal of Economic Times reports - “RMN has been asked to float tender, inviting bids for the first deepwater rig to be shared by RIL, ONGC and Eni for five years. Rig sharing will help E&P companies cut down their cost, consequently (resulting in) a larger revenue for the government”, an official in the Directorate General of Hydrocarbon (DGH) told ET.
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Rajeev Jayaswal. The Economic Times