ONGC on a rigs acquisition spree

The rigs are a lifeline for any oil and gas exploration and production company whose operations have been hit by scarcity of rigs that are not available when needed. So, RS Sharma, CMD of the state-owned oil firm ONGC, has adopted the mantra of self dependence and thus setting aside plans of hiring rigs but rather acquiring rigs. "In long term business, where the old rigs are to be phased out and, it is necessary to have own rigs and lower the dependence on others," said Sharma.