Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Hindustan Oil Exploration Company Ltd. (HOEC) has signed a revenue sharing contract with the Government of India for the exploration block in Assam it won under the Open Acerage Licensing Policy (OALP) Bid Round I. The bid round-I of OALP was launched in January 2018 under the liberalised Hydrocarbon Exploration and Licensing Policy (HELP). In a stock exchange filing, HOEC said the Block AA-ONHP2017/19 it won in the bid extends to an area of 79 sq. km. and is located adjacent to the Dirok field operated by it. P. Elango, managing director of HOEC, said the company bid for the block since it was located near to its Dirok field Recently, the operating committee of the Dirok field reviewed and recommended a revised plan of development. The proposal is to drill four new development wells and explore a new prospect in the north of Dirok field within the existing area. Overall, it targets to increase gas production by about 55 million metric standard cubic feet per day (mmscfd) from the current 35 mmscfd, after necessary approvals. “Growing demand for gas and the North East Gas Grid being developed by the public sector oil and gas companies, opens up a new vista of opportunity for early monetisation of resources. HOEC is determined to lever its strength of early mover, by rapidly increasing its production from all the four of its North-East Assets to garner a significant market share,” Mr. Elango said.
