Quipo Oil & Gas is a subsidiary of
infrastructure equipment rental company Quipo Infrastructure Equipment, promoted
by SREI Infrastructure Finance is in the process of acquiring eight on-land
rigs, for which it will spend about $140 million.
Quipo Oil owns one rig and has drilled
eleven wells at Cairn India's oilfield in Rajasthan's Barmer district in 2005.
The company is also deploying five onshore rigs through Russian-Indian Drilling
Oil Co, a 50:50 joint venture with Russia's Oil Technologies Overseas.
Of the eight new rigs, three will be
acquired by Quipo, while the Russian joint venture will acquire five. Of the
three rigs, one will come in September 2007 and the other two will arrive by
January 2008.