Hindustan Oil Exploration Shares Rise 3% on Strategic Acquisition of Block B15 in Mumbai

Hindustan Oil Exploration Company Limited (HOEC), a significant player in India’s energy sector, has furthered its operational footprint with the successful acquisition of Block MB/OSDSF/B15/2024. 

Awarded under the Special Discovered Small Fields (SDSF) Bid Round 2024, this achievement reflects HOEC’s continued focus on augmenting its hydrocarbon reserves and enhancing shareholder value. 

The official announcement was made through a formal communication to the stock exchanges on 16 April 2025.

Significance of the Block B15 Acquisition

The newly acquired Block MB/OSDSF/B15/2024 spans 332.4 square kilometres in the Mumbai Offshore basin, lying at a shallow water depth of approximately 40 metres.

This block encapsulates two significant discoveries: B-15A-1 and B-15-2 both of which have demonstrated substantial production potential. Six wells have been drilled in this block, with B-15A-1 yielding 1.66 million standard cubic feet per day of gas and 1833 barrels of oil per day, while B-15-2 tested 1151 barrels of oil and 0.91 mmscfd of gas from the Panna formation.

The company holds a 100% participating interest and acts as the operator for this block. This exclusive operational control is likely to streamline decision-making and maximise the efficiency of future exploration and development activities.

Strategic Alignment with HOEC’s Growth Objectives

The award of Block B15 adds significant value to HOEC’s offshore portfolio, particularly as it complements the company’s existing Block MB/OSDSF/B80/2016 in the same region. 

With this addition, HOEC’s total operational area in Mumbai Offshore surpasses 800 square kilometres. This geographic and operational consolidation is poised to unlock new exploration avenues and strengthen the company’s resource base.

Managing Director Mr Ramasamy Jeevanandam emphasised the company’s dedication to operational excellence and long-term asset development. The focus remains on capitalising on existing discoveries while also exploring untapped reserves, thereby driving sustainable growth and value creation for stakeholders.

HOEC Share Performance 

As of April 16, 2025,12:20 PM, HOEC Share Price is trading at ₹176.03, reflecting a 3.04% surge from the previous closing price. Over the past month the stock has surged by 3.72%.

Conclusion

The acquisition of Block MB/OSDSF/B15/2024 marks a significant milestone in HOEC’s journey of growth and exploration. With robust production data, full operational control, and strategic alignment with existing assets, the company is well-positioned to reinforce its presence in India’s offshore oil and gas sector.

This expansion not only boosts HOEC’s reserves but also underscores its vision of becoming a leading independent energy company.

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