Deep Industries Secures Rs 14.02 Billion Contract from ONGC for Production Enhancement
Oil and Natural Gas Corporation (ONGC) has awarded a significant contract worth Rs 14.02 billion to Deep Industries Ltd. (DIL) for production enhancement operations at its Rajahmundry Asset. This 15-year contract marks a pivotal moment for DIL as it surpasses its previous order book of Rs 12.46 billion as of June 30, 2024.
New Growth and Opportunities for Deep Industries
The massive contract win has evoked enthusiasm and excitement from Paras Savla, the Managing Director of Deep Industries. He highlighted the significance of this achievement, stating, “This landmark achievement strengthens our role in the evolving oil and gas services value chain as we expand into Production Enhancement Contracts (PEC).” With a focus on boosting hydrocarbon production from ONGC’s aging fields, Deep Industries is poised to diversify its revenue streams and enhance profitability.
Boosting Long-term Output with Efficient Technologies
As ONGC works diligently to develop its Rajahmundry Asset, Deep Industries will now play a vital role in supporting the company’s efforts. The objective of this project is to improve production and recovery from mature fields utilizing advanced techniques and safe operating practices. Deep Industries will leverage its expertise to apply efficient technologies, contributing to the long-term growth and success of ONGC.
A Transformational Era for Deep Industries
With the awarding of this substantial contract, Deep Industries positions itself as a significant player in the oil and gas services sector. The company’s expansion into Production Enhancement Contracts (PEC) signifies its growing involvement in the value chain, presenting ample growth opportunities.
Furthermore, this contract win also solidifies Deep Industries’ commitment to sustainable practices while extracting hydrocarbon resources. By focusing on safe operating practices and advanced techniques, the company aims to minimize environmental impacts during the production enhancement process.
A Positive Impetus for DIL’s Financial Outlook
The contract from ONGC adds an impressive value to Deep Industries’ order book and amplifies its overall growth prospects. With a significant increase in their project portfolio, DIL is on track to strengthen its financial position and expand its foothold in the industry.
Conclusion
Deep Industries’ triumph of securing a Rs 14.02 billion contract from ONGC for production enhancement operations at its Rajahmundry Asset is indeed a momentous occasion. Not only does this accolade reaffirm the company’s abilities and expertise in the oil and gas sector, but it also presents remarkable growth opportunities. With their firm commitment to sustainable practices and efficient technologies, Deep Industries aims to make a lasting impact on hydrocarbon production and the industry as a whole.
Source: ET
