Hindustan Oil Exploration bags gas block
The company has been awarded a gas exploration block under the open acreage licensing policy - Round I. The block is located near Hindustan Oil Exploration Company's (HOEC) existing producing field in Dirok, Assam.
HOEC emerged as H-1 bidder for the Block AA-ONHP-2017/19. The revenue sharing agreement with the Directorate General of Hydrocarbons is scheduled to be executed on September 6, 2018.
Dirok and its extension Block AA-ONHP-2017/19 forms the Greater Dirok Area. The area is part of a proven petroleum system with many leads and prospects, said the company in a filing to the exchanges. It has reservoirs such as Barail, Girujan and Tipam. Also, infrastructure in the form of a gas processing plant and pipeline to market are already in place.
On Wednesday, the stock of Hindustan Oil Exploration opened at Rs. 154.40 per share. At 10:19 hours, the stock was quoting Rs. 154.40 per share, up by 1.48 per cent, while the benchmark BSE Sensex was at 38,893.63, marginally moving up by 0.01 per cent.