Hindustan Oil Exploration Shares Gains ~5%: Received a New Contract

On April 16, 2025, Hindustan Oil Exploration shares rose ~5%, reaching a day high of ₹178.45, after opening at ₹172.80. The gain in Hindustan Oil Exploration shares came after the company announced that it has been awarded a contract area under the special discovered small fields bid round 2024.

Details of Newly Awarded Contract

The designated block — MB/OSDSF/B15/2024 — covers an area of approximately 332.4 square kilometers in the Mumbai offshore region, situated in waters about 40 meters deep. According to the company’s exchange filing, the block includes two discoveries, B-15A and B-15-2, and holds promise for additional exploration. A total of six wells have been drilled within the block.

Well B-15A-1 recorded production of roughly 1.66 million standard cubic feet of gas per day (mmscfd) and 1,833 barrels of oil per day (bopd), while Well B-15-2 yielded about 1,151 barrels of oil and 0.91 mmscfd of gas from the Panna formation, the company reported. It also noted that it operates the block with a 100% participating interest.

The addition of this new block enhances Hindustan Oil Exploration Company’s existing portfolio, complementing its MB/OSDSF/B80/2016 block in the same region and increasing its total offshore acreage to more than 800 square kilometers.

Management Take on Business Development

The Managing Director of HOEC, Mr. Ramasamy Jeevanandam, affirmed the Company’s commitment to enhancing its asset base and seizing growth opportunities. As we strive to optimise operations in the Mumbai Offshore region, we also prioritise leveraging our offshore expertise to drive sustained growth. Through the development of existing discoveries and the potential drilling of new wells, HOEC aims to unlock the full potential of this Block and create significant value for all the stakeholders.

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