Hindustan Oil Exploration Company Share Price

Hindustan Oil Exploration Company Limited (HOEC) is a participant in various oil and gas blocks/fields which are in the nature of joint operation through Production Sharing Contracts (PSC) entered by the Company with Government of India along with other entities. The Company at present, is engaged in the exploration, development and production of hydrocarbons crude oil and natural gas in India, both onshore and offshore.Apart from these, the Company provides geological and geophysical services relating to the exploration of oil and natural gas and other oil field services. The company has a 100% subsidiary namely HOEC Bardahl India Ltd which is engaged in marketing of fuel or engine additives.The company has participating interest in seven oil/gas fields in India (in Cambay basin, Cauvery basin and Assam Arakan basin), which are in varying stages of exploration, development and production: AAPON94/1 in Assam CYOS/901 (PY3) and PY1 in Cauvery, and Asjol, CBOS1, CBON7 and North Balol in Cambay. Production of crude oil from PY3 Field located in Cauvery Basin is the principal source of the companys production.Hindustan Oil Exploration Company Ltd was incorporated on September 22, 1983. The company commenced their operational activities in the year 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.In the year 199192, the company signed a MoU with Petronas Carigali, Malaysia, to conduct joint studies on basins/blocks of mutual interest. In February 1993, the company, along with Albion (India), US, signed a production sharing contract with the Ministry of Petroleum and ONGC, as an operator for a block offshore the coast of Andhra Pradesh with a 35% share in the block.In March 30, 1992, HOEC Bardahl India Ltd became the subsidiary of the company. During the year 19992000, they enhanced their presence in the Cambay basin of Gujarat by signing two more exploration blocks. During the year 200001, Production Sharing Contracts were signed by the company for three exploration blocks namely CBON2, CBON7 and CYOSN97/1(NELP). During the year 200102, exploration work was commenced in block CBON7 (Palej) and CBON2 (Tarapur) Block in Gujarat. In February 2003, the Government of Gujarat granted mining lease for Dholasan Kanawara fields. In April 2004, the company acquired 3D and 2D seismic data in the Cauvery Basin block located offshore East Coast of India.In the year 2005, Burren Shakti Ltd and Burren Energy India Ltd, wholly owned subsidiary of Burren Energy plc, acquired 26% controlling stake in the company from Unocal. Burren Energy plc is a London based exploration and production company, having core producing assets in the Caspian state of Turkmenistan, the Republic of Congo and Egypt.During the year 200607, the company executed an agreement with PPN Power Generating Company, an independent power plant in the State of Tamil Nadu operating a 330.5 MW power plant, for the supply of upto 51,000 MMBTU per day of natural gas from the companys PY1 Cauvery Basin gas field.In February 2008, Burren Energy plc was acquired by ENI UK Holdings plc which is a subsidiary of ENI spa, Italy. In December 2008, the company has been awarded RJONN2005/1, RJONN2005/2 under the New Exploration Licensing Policy Round VII (NEPL VII) by the Government of India.During FY 200809, Company acquired 3D Seismic Data it installed and constructed PY1 Offshore Production Facilities (Platform Pipeline) installed PY1 Onshore Facilities and drilling of two Development Wells and establish Phase I plateau production. During the year 200910, Company commissioned commercial production of natural gas from PY1 Field on November 27, 2009. It commissioned drilling of the first appraisal well, Dirok2 field, in Assam on July 20, 2010.During the year 201212, Company drilled multilateral well, Surya in PY1 Field and thereby, commissioned an independent 3rd Party reserve certification to reassess the potential of PY1 Field. The Company implemented various cost optimisation initiatives in PY1 Field including, dehiring of chopper services, dehiring of warehouse and explosive storage yard, undertaking inhouse maintenance of critical equipment, tele linking platform to control centre through a low cost yet proven and reliable solution, phasing out expatriates at PY1 site and improvised rotational work pattern for effective manpower utilization.During the year 201718, a development expenditure of Rs 4,811.36 lacs was incurred for the gas development project at Assam, PY1 drilling campaign and B80 development. An expenditure of Rs 814.72 lacs was incurred to secure the PSC for the adjoining area of Block CBON/7 during the year.During the year 201819, Company acquired the entire share capital of Geopetrol International Inc. (GPII) and became a wholly owned stepdown subsidiary of Company.The Company commissioned Hollong Modular Gas Processing Plant completed 200,000 hours of LTI free operation. It completed two subsea well drilling campaign in Mumbai Offshore in MarchApril 2020. Post installation of Single Point Mooring (SPM) system and mobilisation of the Floating Storage and Offload (FSO) vessel, the precommissioning of the processing facilities at KGB Offshore Installation such as separators, gas dehydration unit, and compressors etc. was started. Gas produced from well D2 was processed to meet the specifications and packed into ONGC pipeline from May 31, 2022 onwards. Subsequently, Gas Transportation Agreement (GTA) between ONGC and HOEC was executed on June 03, 2022. Post meeting the gas specification, sales to GSPC has commenced effective from June 04, 2022.