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Hindustan Oil Exploration Company Ltd awarded two contract areas under Discovered Small Fields Bid Round 2016

Posted On: 2017-02-16 19:35:22

Hindustan Oil Exploration Company Ltd (HOEC) has announced the award of two contract areas to the company in consortia with Oil India Limited, Prize Petroleum Limited and other private company by the Government of India in the recently concluded bidding for Discovered Small Field Bids Round (DSF 2016).

One of the contract area is offshore field B-80, located in the Mumbai Offshore about 56 square kilometer discovered by ONGC in 1997. This discovered field produced about 3,737 barrels of oil and 7.5 million cubic feet of gas per day during the testing with in place reserves of about 13.20 million barrels of oil and gas in place of 10.50 billion cubic feet.

The other contract area is onshore field Kherem located in Arunachal Pradesh, discovered by Oil India Limited in 1994 with the area of 16.45 square kilo meter, with initial oil in place of about 3 million barrels and gas in place of about 17 billion cubic feet.

HOEC has 50% participating interest in the offshore field B-80 and 40% in the onshore field Kherem. HOEC is the Operator for both the fields.

Managing Director of HOEC, Mr. P. Elango is delighted to state that both the blocks have a strategic fit with the existing offshore and onshore portfolio of HOEC. With innovative and cost effective development, these fields can be put on production at the earliest. These blocks have substantial upside to unlock reasonable value to all stakeholders including the Government of India.

Shares of HINDUSTAN OIL EXPLORATION CO.LTD. was last trading in BSE at Rs.75.7 as compared to the previous close of Rs. 73.95. The total number of shares traded during the day was 919097 in over 7145 trades.

The stock hit an intraday high of Rs. 78.9 and intraday low of 74.6. The net turnover during the day was Rs. 70332953.

Source: Equity Bulls

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