Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessCompanies

HOEC begins oil production, gas sales from Mumbai offshore wells

The company has begun gas sales to Gujarat State Petroleum Corporation (GSPC) from ONGC’s gas processing terminal at Hazira.

June 08, 2022 / 09:41 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Hindustan Oil Exploration Company (HOEC) on June 8 announce that it has commenced oil production and gas sales from Mumbai offshore wells, namely D-1 and D-2.

In a stock exchange filing, the company said that both the wells - D-1 and D-2 - have been individually brought online for production after successfully addressing the technical issues faced during pre-commissioning operations.

The company has begun gas sales to Gujarat State Petroleum Corporation (GSPC) from ONGC’s gas processing terminal at Hazira.

"Prior to the commencement of sales, gas produced from well D-2 was processed to meet the specifications and packed into ONGC pipeline from May 31, 2022 onwards. Subsequently, the Gas Transportation Agreement (GTA) between ONGC and HOEC was executed on June 03, 2022," it said.

It added that the D-1 oil well on production is being flowed at lower rates for safe stabilisation of all operational parameters.

The company is exporting processed gas through the ONGC pipeline network to its Hazira gas processing terminal. ONGC then redelivers B-80 gas into the flagship Hazira-Vijaipur-Jagdishpur (HVJ) pipeline owned by GAIL. GSPC then offtakes the B-80 gas to deliver it to the end consumers through its vast pipeline network.

The company expects the entire production and sales operations to stabilise over the next few weeks.

Block MB/OSDSF/B80/2016 or B-80 is spread over 56 square kilometers area in western offshore and was awarded under the First DSF Bid Round 2016 on March 27,2017.

HOEC is the operator of this field with 60% Participating Interest and 40 % is held by Adbhoot Estates Private Limited.

Moneycontrol News
first published: Jun 8, 2022 09:41 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347