ONGC plans to buy rigs for $986 million

State-run Oil and Natural Gas Corp is planning an investment of Rs45.80 billion ($986 million) to buy 14 oil and gas rigs, the Mint newspaper reported on Tuesday, citing an unnamed company official.                                           

The company wants to acquire 10 onshore rigs for Rs9 billion from state-owned Bharat Heavy Electricals Ltd (BHEL) and float tenders for four offshore rigs that may require an investment of 36.80 billion rupees, the report said.                                            

"For onshore rigs we will go with BHEL. We have got quotations from them," an ONGC official was quoted as saying. "For offshore jackup rigs, once we crystalize the design, we will go for tendering."