ONGC plans to buy 4 offshore, 10 onshore rigs

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ONGC plans to buy 4 offshore, 10 onshore rigs

Oil and gas major ONGC is planning to buy four offshore and ten onshore rigs, reports CNBC-TV18 quoting NewsWire18. Purchase of onshore rigs may cost around Rs 800-900 crore while the cost of offshore ones is seen at Rs 2,400-2,800 crore.

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Oil and gas major ONGC is planning to buy four offshore and ten onshore rigs, reports CNBC-TV18 quoting NewsWire18. Purchase of onshore rigs may cost around Rs 800-900 crore while the cost of offshore ones is seen at Rs 2,400-2,800 crore.

The company's follow-on public offer (FPO) too, in all probability, should go through in fiscal 2011. Expressing this optimism, ONGC chairman RS Sharma told CNBC-TV18 on Wednesday that the FPO should take place in January-March 2011 and that the government is planning 5% divestment in the company. "We are working on formulation of subsidy sharing plans," he added.