Hindustan Oil Exploration Company Ltd. (India)

Hindustan Oil Exploration Company Ltd. (HOEC) is an independent exploration and production (E&P) player in India. The company was incorporated in 1983 and is headquartered in Vadodara. HOEC offers geophysical services and seismic data acquisition services. In 1989, HOEC established a corporate office in Baroda following the government's decision to allow private participation in oil and gas E&P activities. In 1990, the company got listed on the Bombay Stock Exchange through a public issue. HOEC became the first private sector oil company to commence oil exploration activities in 1993. They signed their first production sharing contract (PSC) for an onshore area with the Government of India. In 1995, HOEC achieved its first oil discovery in the Asjol field and expanded its portfolio in other areas. The company had its first offshore campaign in PY-1 in 2005 and relocated its corporate headquarters to Chennai. In 2008, ENI UK acquired an additional 20% shares, increasing the total shareholding of promoters to 47.18%. Commercial production from PY-1 commenced in 2010. In 2014, HOEC successfully drilled the 'Dirok-4' well and submitted a commercial discovery report. However, there was a downgrade of reserves from PY-1 after drilling the 'Surya' well. In 2015, Mr. P. Elango and Mr. R. Jeevanandam joined the board, and the company began its turnaround. In 2017, HOEC achieved "First Gas" from Dirok and signed PSCs for B-80 and Kherem, which were won in DSF-I. Full commercial production from the Dirok field was achieved in 2018. The PY-1 revival campaign began, and production increased from 2 mmscfd to 10 mmscfd. Over the next 18-24 months, HOEC focused on B-80 and Dirok phase-2. In 2020, the company completed the drilling and completion of two subsea development wells in B-80. In 2022, commercial gas and oil production commenced in B-80. HOEC aims to create long-term stakeholder value while growing responsibly. They have adopted a low-cost, fast-track development model with a focus on local content, innovation, and sustainable practices. HOEC contributes 10,000 barrels of oil equivalent (boe) of products every day to the nation from four of the seven producing basins in India.