HOEC adds yet another block to its North East Portfolio
Deepthi | Myequity news | Date : 04-03-2019 10:15:00 IST
HOEC has been awarded contract area identified as AA/ONDSF/Umatara/2018 to the Company in consortium with Indian Oil Corporation Limited (IOC) under the Discovered Small Field Policy Bid Round II.
Umatara is located within an aerial distance of 50 km from Dirok Field operated by HOEC and forms part of upper Assam Shelf Petroleum system. Umatara Contract area extends to 52 square kilometres, lies in the south west of giant Naharkatiya oil field and the nearest oil handling facility is at Sapkaint within 14km distance. Umatara block received wide and competitive interest of bidders from both public and private sector.
Participating Interest of HOEC in the block will be 10% and IOC will hold 90%. The field will be Jointly Operated and developed by both HOEC and IOC. A formal Revenue Sharing Contract is expected to be executed with the Government of India later this month.
Umatara becomes the fifth block in the ever growing HOEC’s portfolio of North East blocks , joining Dirok, Kherem (DSF I) Kharsang (Geopetrol Acquisition) and Greater Dirok (OALP I). P. Elango, Managing Director of HOEC
said, “It is a matter of great satisfaction that HOEC is viewed as a credible Operator and a reliable partner by both IOC and OIL India. We have been successful in strengthening our presence in North East through every bid round conducted since 2016. HOEC will continue to strengthen and build on existing partnerships to continue to jointly look for opportunities to grow further.”