• This is Company’s biggest ever order so far taking total order book to more than double
• The order is for Production Enhancement Operations in Mature Fields at Rajahmundry Asset of ONGC
• Duration of the project is 15 years
Ahmedabad, Sep 9, 2024:
Deep Industries Ltd (DIL), a leading integrated solutions provider for Oil & Gas field operations, has announced a significant order win valued at ₹1,402 crore from Oil and Natural Gas Corporation (ONGC). The contract is for Production Enhancement Operations in the mature fields of ONGC's Rajahmundry Asset and spans a duration of 15 years. This is the largest project awarded to the company to date, more than doubling its current order book. As on June 30, 2024, the Company’s order book stood at ₹ 1,246 Cr.
Commenting on the significant win, Mr. Paras Savla, MD, Deep Industries Ltd. said, “We are thrilled to announce this landmark achievement as we extend our expertise into Production Enhancement Contracts (PEC). This strategic win positions us to play an increasingly integral role in the evolving oil and gas services value chain. With over three decades of experience in the sector, Deep Industries is well-equipped to optimize oil and gas production through the deployment of proven, advanced techniques.
The PEC framework not only broadens our revenue streams but also enhances our profitability, making it a value-accretive proposition for our stakeholders. We remain confident in our ability to deliver exceptional outcomes, driving sustainable growth and long-term success.”
Production Enhancement Contracts (PEC) are aimed at increasing the production of hydrocarbons from the ageing, depleted and mature fields typically spanning around 15 years beyond the original life of the asset. At Rajahmundry asset, ONGC wishes to further develop hydrocarbon reserves from the Contract Areas in a way that improves current production and ultimate recovery of hydrocarbons by application of safe and efficient operating practices and suitable techniques and technologies.
About Deep Industries Ltd.
Deep Industries Ltd. is specialized in providing various Oil & Gas support services since more than 30 years. The Services portfolio includes Natural Gas Compression, Natural Gas Dehydration, Workover and Drilling Rigs Services, and Integrated Project Management Services. The Company is now ‘One Stop Solution Provider’ for every need of Oil and Gas field operations and services. Its comprehensive services portfolio is well supported by wide range of equipment used right from Exploration & Production to Mid Stream Services along with skilled manpower while maintaining safety and quality.
Deep started its journey in 90’s by pioneering Gas Compression services on charter hire basis and has further expanded into various other services over a period of time. Deep has also pioneered the charter hiring of Natural Gas Dehydration and is the only Indian company providing Integrated Project Management Services. Recently, as a part of ‘Value Added Offerings’ Deep has forayed into providing entire Gas Processing Facilities on charter hire basis and has become the first entity in the country to provide such one of its kind services.
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