HOEC Awarded A Block Under The Open Acreage Licensing Policy Bid Round I
Hindustan Oil Exploration Company Limited (HOEC) to announce that it has emerged as the successful H-1 bidder for Block AA-ONHP-2017/19 under the Open Acreage Licensing Policy (OALP) Bid Round I. The Directorate General of Hydrocarbons (DGH) has published the list of the duly approved awardees for 55 blocks and the Revenue Sharing Contract is expected to be executed with HOEC on September 06, 2018 at New Delhi.
This Block AA-ONHP-2017/19 extends to an area of 79 sq. km. and is located adjacent to Dirok Field operated by HOEC. Based on assessed prospectivity, this Dirok extension area was carved out by HOEC by filing first the Expression of Interest (EOI) as required under OALP bid process and later submitted a competitive work program.
Dirok and its extension Block AA-ONHP-2017/19, together forms one Greater Dirok Area that is part of a proven petroleum system with a package of prolific reservoirs such as Girujan, Tipam and Barail, and known to hold several leads and prospects.
Greater Dirok Area has the required infrastructure in the form of Gas Processing Plant and gas pipeline to market operated by HOEC and Digboi Refinery of IOC in its vicinity, making it easy to rapidly drill the exploratory wells and to quickly monetize on success.
P. Elango, Managing Director of HOEC, said, “Securing this block near our producing field in Dirok puts HOEC in a very advantageous position with ready access to infrastructure and market. This is a significant addition to our portfolio of assets in North East Region, where we have emerged as the top producer of oil and gas in the private sector. I am confident that the Greater Dirok Area will be a major driver to grow both our production and profitability over a long period of time.”
- Bagged By:
- Region:Eastern India
- Industry:Petroleum & Natural Gas
- Published On:2018-08-29