Hindustan Oil Exploration Company Ltd share Price

Hindustan Oil Exploration Company Ltd is an Indian based company engaged in the exploration and production of hydrocarbons crude oil and natural gas, which are natural resources. The company provides geological and geophysical services relating to the exploration of oil and natural gas and other oil field services. The company has a 100% subsidiary namely HOEC Bardahl India Ltd which is engaged in marketing of fuel or engine additives. The company has participating interest in seven oil/gas fields in India (in Cambay basin, Cauvery basin and Assam Arakan basin), which are in varying stages of exploration, development and production: AAP-ON-94/1 in Assam; CY-OS/90-1 (PY-3) and PY-1 in Cauvery, and Asjol, CB-OS-1, CB-ON-7 and North Balol in Cambay. Production of crude oil from PY-3 Field located in Cauvery Basin is the principal source of the company`s production. Hindustan Oil Exploration Company Ltd was incorporated on September 22, 1983. The company commenced their operational activities in the year 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation. In the year 1991-92, the company signed a MoU with Petronas Carigali, Malaysia, to conduct joint studies on basins/blocks of mutual interest. In February 1993, the company, along with Albion (India), US, signed a production sharing contract with the Ministry of Petroleum and ONGC, as an operator for a block offshore the coast of Andhra Pradesh with a 35% share in the block. In March 30, 1992, HOEC Bardahl India Ltd became the subsidiary of the company. During the year 1999-2000, they enhanced their presence in the Cambay basin of Gujarat by signing two more exploration blocks. During the year 2000-01, Production Sharing Contracts were signed by the company for three exploration blocks namely CB-ON-2, CB-ON-7 and CY-OSN-97/1(NELP). During the year 2001-02, exploration work was commenced in block CB-ON-7 (Palej) and CB-ON-2 (Tarapur) Block in Gujarat. In February 2003, the Government of Gujarat granted mining lease for Dholasan & Kanawara fields. In April 2004, the company acquired 3D and 2D seismic data in the Cauvery Basin block located offshore East Coast of India. In the year 2005, Burren Shakti Ltd and Burren Energy India Ltd, wholly owned subsidiary of Burren Energy plc, acquired 26% controlling stake in the company from Unocal. Burren Energy plc is a London based exploration and production company, having core producing assets in the Caspian state of Turkmenistan, the Republic of Congo and Egypt. During the year 2006-07, the company executed an agreement with PPN Power Generating Company, an independent power plant in the State of Tamil Nadu operating a 330.5 MW power plant, for the supply of upto 51,000 MMBTU per day of natural gas from the company`s PY-1 Cauvery Basin gas field. In February 2008, Burren Energy plc was acquired by ENI UK Holdings plc which is a subsidiary of ENI spa, Italy. In December 2008, the company has been awarded RJ-ONN-2005/1, RJ-ONN-2005/2 under the New Exploration Licensing Policy Round VII (NEPL VII) by the Government of India.