Punj Lloyd Upstream, a subsidiary of Punj Lloyd Ltd., has received a Letter of Intent for a contract worth US $42 million in Libya for deploying two onshore rigs.
The contract requires drilling exploratory wells in the Gialo oilfield of the prolific Sirte Basin for Waha Oil Company, a Joint Venture between State-owned National Oil Company and Conoco Phillips, Amerada Hess, and Marathon Corporation of the United States. Waha Oil Company is the second largest crude oil producer in Libya. Punj Lloyd is already present in Libya through a pipeline project for Sirte Oil Company.
Vikram Walia, CEO of Punj Lloyd Upstream, said "With the contract in Libya, we hope to expand our presence in the onshore drilling space. The country's upstream sector has a promising business environment with sizable reserves and service potential."
Expansion into the Upstream business is vertically integrated with Punj Lloyd Group's core competencies in Midstream & Downstream," he added.
With plans to acquire a leadership position in onshore drilling space, Punj Lloyd Upstream will simultaneously develop onshore drilling contracts in India & the MENA region and will expand to other countries where parent company Punj Lloyd has an operating presence.
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