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HOEC receives Petroleum Mining Lease to Dirok field

28 Aug 2017 Evaluate

Hindustan Oil Exploration Company (HOEC) has been granted Petroleum Mining Lease to Dirok field on August 25, 2017 and the commencement of commercial production from the field forthwith. On successful testing and completion of the sixth well, all the six wells in the field are ready to hook up for production.

The company expects the initial production to be about 10 mmscfd, restricted by the capacity of pipeline and will be ramped up to full capacity over the next six months with the commissioning of Modular Gas Processing Plant (MGPP). Dirok Field, located in Tinsukia District of Assam has been developed in a record time of 27 months, by the JV consisting of Oil India, Indian Oil Corporation (IOC) and HOEC, with HOEC as the Operator.

Oil India will buy the gas at the price fixed by the Government based on a basket of international gas market prices, which will be revised once in six months. IOC will buy the condensate at a price equivalent to the price of a bench marked crude oil.


   

Hind Oil Exploration Share Price

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ONGC 284.75
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Jindal Drilling&Inds 538.20
Deep Industries 495.60
Asian Energy Service 308.30
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