HOEC
Article Abstract:
The private sector firm, HOEC, has a major presence in the upstream oil sector. In the second half of 1997-98, it started drilling activities in the PY3 fields in the offshore of Pondicherry, which is now yielding 10,000 barrels per day of oil or 35,000 tonnes per month. HOEC has 21 percent stake in the venture, with the other promoters being Hardy Oil (18 percent), Tata Petrodyne (21 percent) and ONGC (40 percent). The field is expected to have recoverable reserves of 15.5 million barrels of oil. HOEC, in a 50:50 collaboration with the Gujarat State Petro, has started oil production in the Asjol field in northern Gujarat. It has commenced oil exploration in a block in the Krishna-Godavari area and another in the Gulf of Cambay also. In HOEC's total equity, Hardy Oil has a stake of 15.5 percent, IL&FS 6 percent and HDFC 9 percent. Unocal proposes to acquire 26 percent stake in HOEC through a preferential issue. In 1997-98, HOEC made a net profit of Rs5.08 crore on net sales of Rs25.7 crore. (gsh)
Comment:
Commences oil exploration in a block in the Krishna-Godavari area & another in the Gulf of Cambay also
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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OIL IMPORT BILL TO BE DOWN $1.5 BILLION THIS FISCAL
Article Abstract:
The petroleum ministry has estimated that the oil import bill for 1998-99 would be about $7.5 billion which is lesser by $1.5 billion than the earlier projections. The revision in estimates is due to low international price of crude oil at $11 a barrel. In 1998-99, India is likely to import about 30 million tonnes of crude and 18 to 2 million tonnes of value added products to cater to the domestic demand. This is besides refining 37 million tonnes of domestic crude. The country imported oil and products worth $9 billion in 1997-98. (uh)
Comment:
India: Petroleum Ministry estimates that oil import bill for 1998-99 would be about $7.5 bil
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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COMPANIES REDEEM 50% OF OIL BONDS
Article Abstract:
Leading oil companies of India have redeemed about 50 percent of the 7-year bonds, aggregating Rs6,382 crore, issued by the Government of India. These bonds, carrying an interest of 10.5 percent, had been issued by the Government to the oil firms. These oil bonds total Rs13,000 crore. These bonds mature in 2005 AD. The Government was able to save over Rs4,000 crore because of the early redemption of these bonds. These companies are in crude oil and petroleum products business. (gs) (kvr)
Comment:
Leading oil companies of India have redeemed about 50 percent of the 7-year bonds, aggregating Rs6,382 crore, issued by the Government of India.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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