Corporate News     03-Oct-18
HOEC executes Revenue Sharing Contract under Open Acreage Licensing Policy
Hindustan Oil Exploration Company executed the Revenue Sharing Contract with Government of India for Block AA-ONHP-2017/19 it won under the Open Acreage Licensing Policy (OALP) Bid Round I on 01 October 2018 in the presence of Honourable Union Minister of Petroleum & Natural Gas and Skill Development at New Delhi.

As updated on 29 August 2018, this Block extends to an area of 79 sq. km. and is located adjacent to Dirok field operated by HOEC. Dirok field and its extension through this Block AA-ONHP- 2017/19, forms one Greater Dirok Area that is part of a proven petroleum system. Since HOEC understands this basin well and has adequate data, we plan to fast track the exploration phase to quickly monetise on success.

Dirok gas being rich, off take by consumers has been increasing month after month, confirming growing demand for gas in the Assam Market. Taking note of this, Operating Committee of the Dirok field consisting of Oil India, Indian Oil Corporation and HOEC reviewed and recommended a Revised Plan of Development (RPoD) of AAP-ON-94/1 (Dirok field) for submission to Directorate General of Hydrocarbon (DGH) during the meeting held at Chennai on 28 September 2018.

RPoD considers that the Estimated Ultimate Recovery (EUR) under 2P case would be in the order of 305 BCF against the EUR of 134.09 BCF (2P) in the Plan of Development approved by the Management Committee in 2015. The proposal recommended by the Operating Committee envisages to drill 4 new development wells and to explore a new prospect in the North of Dirok field within the existing area. Over all, the RPoD targets to increase the gas production by about 55 mmscfd from the current level of 35 mmscfd. Schedule and costs of RPoD will be firmed up post independent review by DGH and on securing the approval of Management Committee.

Previous News
  Hindustan Oil Exploration Company consolidated net profit rises 104.23% in the June 2023 quarter
 ( Results - Announcements 14-Aug-23   17:24 )
  Hindustan Oil Exploration Company consolidated net profit declines 8.42% in the June 2021 quarter
 ( Results - Announcements 14-Aug-21   16:07 )
  Hindustan Oil declines for second day
 ( Hot Pursuit - 01-Apr-22   12:04 )
  Hindustan Oil Exploration provides update on Western Offshore Project (B-80 field)
 ( Corporate News - 25-May-21   09:19 )
  Hindustan Oil Exploration Company appoints director
 ( Corporate News - 18-Apr-19   09:29 )
  Hindustan Oil Exploration Company Ltd leads losers in 'A' group
 ( Hot Pursuit - 01-Apr-22   15:00 )
  Hindustan Oil Exploration Company to announce Quarterly Result
 ( Corporate News - 10-Aug-23   12:26 )
  Hindustan Oil Exploration Company schedules AGM
 ( Corporate News - 09-Sep-22   11:20 )
  Hindustan Oil Exploration Company intimates of divestment of stake by ENI group
 ( Corporate News - 08-Aug-16   18:42 )
  Hindustan Oil Exploration Company Chairman resigns
 ( Corporate News - 18-Apr-19   09:30 )
  Hindustan Oil Exploration Company updates on ECB Loan agreements
 ( Corporate News - 09-Dec-14   18:29 )
Other Stories
  Tata Motors records 12% decline in Q2 sales
  01-Oct-24   18:04
  Tata Motors records 15% decline in September sales
  01-Oct-24   17:55
  Man Infra set to launch its highly anticipated Vile Parle project
  01-Oct-24   17:48
  Padam Cotton Yarns to declare Quarterly Result
  01-Oct-24   17:39
  Blueblood Ventures schedules board meeting
  01-Oct-24   17:39
  CRISIL to discuss results
  01-Oct-24   17:39
  Indian Renewable Energy Deve. Agency to convene board meeting
  01-Oct-24   17:39
  Ashapuri Gold Ornament schedules board meeting
  01-Oct-24   17:38
  Bijoy Hans to conduct board meeting
  01-Oct-24   17:38
  RS Software (India) to announce Quarterly Result
  01-Oct-24   17:38
Back Top