Mumbai: Hazoor Multi Projects Ltd (HMPL) on Monday said its recently acquired subsidiary, Quippo Oil & Gas Infrastructure Ltd, has secured a contract valued at Rs 280.1 crore from Oil India Limited, a Maharatna public sector undertaking. In a statement, HMPL said the contract involves the charter hire of one drilling rig, “reinforcing Quippo’s credentials in the upstream oil and gas services domain and marking HMPL’s bold entry into India’s upstream energy services sector—positioning the company to play a long-term role in the country’s energy infrastructure development.”
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According to the statement, “This Oil India Order is more than a business win—it signals HMPL’s strategic shift from a pure-play EPC operator to an integrated platform capable of executing in capital-intensive, high-barrier industries.”
It added that the acquisition of Quippo “was a deliberate, fundamentals-driven step aligned with national energy priorities, aimed at unlocking value in sectors characterized by recurring revenues, limited competition, and policy-driven tailwinds.”
HMPL said India’s upstream oil and gas sector is set for significant expansion, supported by the government’s commitment to reduce energy import dependence by 10 percent and attract over $100 billion in energy infrastructure investment by 2030.
It pointed to policy measures such as the Hydrocarbon Exploration and Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP), which are “designed to boost domestic exploration and enhance oil recovery, creating sustained demand for high-performance service providers like Quippo.”
Describing Quippo as “a pioneer in India’s onshore oilfield services landscape,” HMPL said the subsidiary strengthens its operating base with “deep technical and executional capabilities.”
Quippo’s asset base includes “a fleet of 14 advanced drilling rigs, ranging from 650 HP to 3000 HP, equipped with top-drive systems capable of deep and complex drilling operations.”
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The statement said Quippo is supported by “a team of over 400 oilfield professionals with global experience and a strong safety-first culture” and has “a proven track record, including the successful execution of over 125 wells across India, notably delivering the deepest onshore well in Indian history—in Assam—completed ahead of schedule and under budget.”
Its diversified service portfolio spans “directional drilling, work-over operations, cementing, seismic surveys, and integrated field development.”
