Hindustan Oil Exploration Company Ltd Update on Block MB/OSDSF/B80/2016 (B-80)

Hindustan Oil Exploration Company Limited has resumed gas sales from its B-80 field with D2 well, located in western offshore after completing the under-buoy hose repair and reconnection of hose to Floating Storage Offloading (FSO) vessel. Gas sales from this field had to be suspended since mid-July 22 as the under-buoy hose was found to be damaged. Previous attempt made to repair was not successful due to unfavourable weather conditions.

Company had fabricated an additional spool / clamp and completed the repair work with the help of specialists in Dubai and with the support of local diving team.

Gas produced from well D-2 is processed at KGB - Offshore Installation and the processed gas is being exported through the ONGC pipeline network to its Hazira Gas Processing Terminal. ONGC then redelivers B-80 gas into HVJ pipeline owned by GAIL. GSPC then offtakes the B-80 gas to deliver it to the end consumers through its vast pipeline network.

Company plans to take up the repair work to commence production from Oil well D-1 by mobilising required experts and materials. A separate announcement will be made as and when the production starts from D-1 well.

Further details will be provided during the customary Q2 Earnings call to be held during first fortnight of November 2022.

Block MB/OSDSF/B80/2016 Data:

Block MB/OSDSF/B80/2016 is spread over 56 Sq. Kms. area in Western Offshore and was awarded under the First Discovered Small Field (DSF) Bid Round 2016 on March 27, 2017. HOEC is the Operator of this field with 60% Participating Interest and 40 % is held by Adbhoot Estates Private Limited. Under the terms of the Revenue Sharing Contract (RSC), the oil and gas produced from this Block enjoys marketing and pricing freedom.

Shares of Hindustan Oil Exploration Company Limited was last trading in BSE at Rs. 151.95 as compared to the previous close of Rs. 150.85. The total number of shares traded during the day was 56023 in over 1649 trades.

The stock hit an intraday high of Rs. 153.35 and intraday low of 149.00. The net turnover during the day was Rs. 8487581.00.

Source : Equity Bulls

Keywords

HindustanOilExplorationCompany INE345A01011 HINDOILEXP HOEC GasSales Resume B80 D2Well