ONGC is tipped to spend around Rs 1,500 crore on the onshore fleet upgrade, as well as adding another 25 workover rigs to its existing fleet of 50.
"The upgrade of these onshore rigs will not affect production. Its work has been scheduled over the next 4-5 years so that production is not impacted at any time. After completion of the upgrade, the efficiency of these rigs will improve significantly," said ONGC chairman Subir Raha.
It is understood ONGC will also buy a second survey vessel for about Rs 300 crore, and equipment for an offshore crisis management team.
"In the next season, we will be operating around 30 rigs in the shallow waters and two rigs in the deep water for exploratory work at a cost of $2 million a day. The challenge for us is in terms of management and planning," said Raha.
