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Hindustan Oil Exploration Company Ltd. Company History and Annual Growth Details

1983 - The Company was incorporated on September 22, and received the
Certificate of Commencement of Business on Febraury 23, 1984. It
was promoted by Shri H.T. Parekh. The objects & activities of
the Company is exploration of oil and gas in on-shore and
off-shore areas and organise production, processing and marketing
oil and gas.

- The oil exploration and production involves the Analysis of
available geological information and employing low cost
exploration methods to identify areas of detailed study; Detailed
seismic survey to identify structures with the possibility of
bearing hydrocarbon; Exploratory drilling; Production of the
field at optimum level. However, the use of latest techniques
involving computers and other electronic instruments have enabled
to map the underground structures and to predict presence of
hydrocarbon more accurately.

- Since incorporation, the company did some exploration related
services for long digitisation job of oil wells in Southern North
Sea project and Duliajan field (Oil India, Ltd.) along with
Robertson Research International Ltd. of U.K.

- To further strengthen its technical capability, the Company
entered into collaboration with Prakla-Seismos AG of Germany and
formed a joint venture company. Hindustan Prakla Geophysical
Company, Ltd. (HPGC) to undertake all aspects of geophysical
data acquisition and interpretation in India.

- The Company also reached an understanding with Asia Foundations
and constructions, Ltd. (AFCONS), to undertake drilling and other
oilfield services.

- Crew Energy, Canada a small independent oil company in
consultation with the Company and Asia Foundation and
Construction Ltd. (AFCONS) had made proposals to ONGC and OIL for
oil exporation technique involving aeromagnetic survey,
processing and interpretation of data.

- The Company signed a letter of intent with International
Petroleum, Ltd. (IPL) to take 10% of the share in
Krishna-Godavari Offshore block KG-OS-IV with equal share in the

- As per the production sharing agreement entered into between ONGC
& IPL, ONGC had an option to appropriate 40% of the oil produced
at international price.

- The Company submitted an application to the commerce ministry for
necessary approvals.

1988 - The Oil India Ltd. (IOL) signed a Memorandum of Understanding for
a joint exploration programme.

1989 - Contract between OIL and Hindustan Oil Exploration Co. Ltd. for
joint exploration programme was submitted to OIL. Date was set
for signing of MOU between OIL, HOEC.

- It had decided to participate with OIL in their new petroleum
exploration licence area of Indo-Gangetic Basin or Saurashtra
off-shore with a share of 40%.

- The Company intends to build infrastructural facilities for
carrying out seismic data analysis and its interpretation from
the computer centre.

- The Company also applied to the Government of Gujarat for
petroleum exploration licence in the Kutch Basin. The Company
awaited necessary Government approvals.

- Government of India awarded 9 offshore blocks to 5 multinational
companies for oil exploration. The Company signed a letter of
intent with one of them viz., International Petroleum Corporation
(IPC) of Canada for 10% share in the exploration programme.
Necessary Government approvals were awaited.

- The balance 1,12,000 shares out of the earlier issue taken up.
Equity shares subdivided in Dec. 1989. 100,00,000 shares then
issued at par of which 25,00,000 shares were reserved and
allotted to Indian resident directors, their friends etc. Out of
the remaining 75,00,000 shares, the following were reserved for
preferential allotment: (i) 25,00,000 shares to NRIs on
repatriation basis (all were taken up) and (ii) 5,00,000 shares
to employees (including Indian working directors) of the Company
(Only 1,500 shares were taken up). The balance 45,00,000 shares,
along with 4,98,500 shares not taken up by employees were offered
for public subscription during Feb. 1990. All were taken up.
(Allotment of 1,00,000 shares to directors/relatives etc. was

1990 - The Company submitted feasibility studies to the Government of
Gujarat and Government of India for natural gas utilisation
including bringing flared offshore gas to landfall point at
Pipavav, development of natural gas reserves from mid-Tapti and
South Tapti fields and natural gas distribution activities
through equity participation in Gujarat Gas Co., Ltd.

1991 - A Memorandum of Understanding was signed with Petronas Carigali
of Malaysia to conduct joint studies on basins/blocks of mutual
interest. Three blocks were chosen for joint study by Carigali
and the Company. The Company decided to submit bids for five
blocks for the fourth round - three onshore blocks and two
offshore blocks.

- An understanding was reached with an American company Albion
International Resources to bid as a consortium for one of the
offshore blocks with Albion as the operator.

- Hindage Oilfield Services Private Ltd. became a subsidiary of the

1992 - The Company submitted a bid for the offshore block in the Cauvery

- 150,00,750 rights equity shares issued (prem. Rs 10 per share;
prop. 1:1) (all were taken up). 17,508 NRI shares pending
allotment. Another 7,50,100 shares (prem. Rs 10 per share)
offered to employees (only 4,400 shares taken up).

1993 - On 29th March, the Company with Mafatlal Industries Ltd. (MIL) as
partner signed the first ever oil exploration contract for an on
shore area.

- On February 19th, Albion (India) Inc. of USA as an operator
signed a production sharing contract with the Ministry of
Petroleum and ONGC for an offshore block off AP coast.

1994 - On December 30, PY-3 block was signed by the Company with Vaalco
Energy as an operator.

- In August, Cauvery Offshore block-CY-OS-2 was awarded to the
consortium comprising Vaalco Energy on the operator, Mosbacher
Energy Inc. USA.

- PY-1 block was awarded in February to consortium comprising of
Mosbacher Energy Inc., U.S.A. as the operator, Petrodyne Inc. USA
and the Company with 30% share in the said block. The Company
submitted bids in partnership with Indian and International oil
Companies for development of several medium and small sized
discovered oil fields.

- The Company entered into a joint venture agreement with Bardahl
Manufacturing Corporation Inc. USA for the marketing of Bardahl
range of high performance engine additives in India.

- 7,185 shares kept in abeyance were allotted.

1995 - The PSC for Asjol Onshore Oil field was signed, with the Company
as an operator with 35% share in the said block.

- On October, the PSC for cauvery offshore block was signed with
the company's production sharing ratio of 30%.

- The Company had also submitted several bids in partnership with
Indian and International oil companies for exploration of blocks
in the sixth and eights rounds of exploration bidding and for
development of blocks in the second round of development.

1996 - Six small sized fields in North Gujarat and Cambay basin were
awarded to the consortium consisting of Company, GSPC and
Amec-Heritage in September. Tarapur and Palej blocks were
awarded to the consortium consisting of Samson, GSPC and Company
in September.

- The Company submitted a proposal for an exploration block in
Sultanate of Oman along with M/s. Khimji Ramdas of Oman.

- On 19th November, the company signed PSC with Tata Petrodyne and
Vaalco Energy Inc. for Gulf of Cambay offshore block and cauvery
offshore basin block with Vaalco Energy Inc. and Tata Petrodyne.

- Hindustan Prakla Geophysical Co., Ltd. (HPGC) is a subsidiary of
the Company.


-Appoints Mr Rakesh Jain as the Managing Director of the company.

-Exercises its preferencial purchase right under the respective production sharing contracts to acquire 53.85% participating interest.

-Company's equity shares gets listed and admitted to deal in National Stock Exchange of India.

-Acquires its partners Mosbacher India Ltd equity holding in two oil blocks under development in the cauveri basin for a consideration of $14 million.


-Hindustan Oil Exploration - Signing of Gas Sale Agreement with GSPC

-PY-1 Gas Sales & Transportation Agreement


-Delists equity shares from the Bangalore Stock Exchange Ltd w.e.f. January 10, 2005.

-Delists equity shares from Madras Stock Exchange Ltd (MSE) with effect from February 16, 2005.

-Delists equity shares from The Calcutta Stock Exchange Association Ltd (CSE) with effect from April 25, 2005.


-Hindustan Oil Exploration Company Ltd (HOEC) has informed that the Company has entered into a Loan Agreement with a consortium of Banks co-led by IDBI Bank and UTI Bank for availing a US Dollar denominated Term Loan amounting to USD 100 million to part finance the development of PY-1 Field.


-The company has issued rights in the ratio of 2:3 at a premium of Rs.107/- Per Share.

-HOEC - Natural Gas Sales & Purchase Agreement: Block PY-1

-Hindustan Oil Exploration Company Ltd Issues Rights in the Ratio of 2:3


- Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the Board of Directors of the Company at its meeting held on June 11, 2009 has appointed Mr. Sergio Adriano Laura as Additional Director on the Board of the Company.


- Mr. Sanjay Tiwari as Chief Legal Counsel and Company Secretary.

- The Company, as the Operator of AAP ON-94/1 consortium, has commenced the drilling of the appraisal well in Block AAP ON-94/1.


- Appointed Mr. V. Srinivasa Rangan as an Additional Director on the Board of the Company.

- Hindustan Oil commences drilling of Dirok-4.

-Hindustan Oil Exploration Company Ltd has informed that the Board of Directors of the Company at its meeting held on February 14, 2014, appointed Mr. Dhruv S. Kaji as Additional Director (Independent Director)