HOEC Wins New Offshore Block in Mumbai Basin

17 Apr 2025 , 12:15 PM

On April 16, 2025, Hindustan Oil Exploration Company Ltd. (HOEC) shares gained ground after the firm reported the contract award of a new offshore block under the Special Discovered Small Fields (DSF) Bid Round 2024.

Awarded contract area MB/OSDSF/B15/2024 spans an area of 332.4 square kilometres over the Mumbai offshore basin, with a shallow water depth of about 40 metres. This block located offshore comprises two discovered fields, viz. B-15A and B-15-2, which hold further exploration value.

The company’s exchange filing states that six wells have been drilled in the newly granted area to date. The B-15A-1 well has tested production rates of around 1.66 million standard cubic feet per day (mmscfd) of gas and 1,833 barrels of oil per day (bopd). In the meantime, the B-15-2 well achieved test yields of 1,151 bopd and 0.91 mmscfd of gas from the Panna formation.

HOEC assured that it is the 100% operator of said block and has full participating interest, allowing for total control over exploration and development activities. The newly awarded acreage supports HOEC’s current offshore block, MB/OSDSF/B80/2016, which is situated in the Mumbai offshore area as well.

With this acquisition, the company has further augmented its overall offshore area in the Mumbai basin to more than 800 square kilometres, putting it in an even stronger position.

HOEC Managing Director Ramasamy Jeevanandam said the company wants to maximize its offshore operations while putting technical expertise to use for long-term growth and production efficiency.