Hindustan Oil Exploration Company (HOEC) has successfully conducted drill stem tests (DST) in gas bearing sands of the appraisal well Dirok-4. While conducting the DST, the gas flow rate was around 2 million standard cubic feet per day along with approximately 32 bbls of condensate per day. The company (the operator), Indian Oil Corporation (IOC) and Oil India (OIL) presently have 40.323%, 43.548% and 16.129% participating interest respectively in the exploration phase.
OIL, the licensee of the block, has an option under the production sharing contract to acquire additional 30% participating interest in the development and production phase. Upon exercising this option, the revised participating interest in the development and production phase shall be 26.882%, 29.032% and 44.086% for the company, IOC and OIL respectively.
Hindustan Oil Exploration Company was the first private company in India to enter into field of oil and gas exploration. The company’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 470.10 |
| Jindal Drilling&Inds | 540.15 |
| Deep Industries | 476.90 |
| Asian Energy Service | 306.05 |
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